Exabeam, a San Mateo, California-based provider of a next-gen security information and event management (SIEM) platform, announced on Tuesday that it has closed $50 million in Series D funding.
Exabeam was founded in 2013 by Nir Polak, CEO, Sylvain Gil, vice president of products, and Domingo Mihovilovic, chief technology officer. Before launching the company, Polak and Gil worked for Imperva, while Mihovilovic occupied a founding leadership role at Sumo Logic.
While SIEMs are sometimes outed as a dying tool for security teams, Exabeam’s Security Intelligence Platform(SIP) includes more features than legacy SIEMs, including powerful data collection, threat identification and response capabilities.
“We started,” Polak told SecurityWeek in early 2017, “as a SIEM-helper.” The intention was always to be more, but the route to a complete platform was designed to be in steps. SIEMs, he suggested are broken, difficult to use and no longer fit for today’s needs; and a SIEM-helper was the obvious starting point. “SIEMs were born some 20 years ago, before the age of big data and before the skills gap became as severe as it is today. So, we used machine language and analytics to help find the threats for the SIEMs.”
“We’re moving to the next phase, ready to take on the incumbents — Splunk, ArcSight and QRadar — head on,” Polak said at the time.
“Built on open source, big data technology, including Elasticsearch and Hadoop, it provides unlimited secure data collection, indexing and search but without volume-based pricing,” the company explains. “Advanced machine learning capabilities provide rapid insights into all events, including attacks and vulnerabilities so subtle and precise that humans simply cannot see them.”
According to the company, the additional funding will be used to grow its cloud portfolio and support global sales efforts.
Led by Lightspeed Venture Partners, the Series D round was supported by Aspect Ventures, Cisco Investments, Icon Ventures, Norwest Venture Partners and cybersecurity investor Shlomo, all which are existing investors.
Related: Exabeam Challenges Traditional SIEMs With New Security Intelligence Platform