Exabeam, a San Mateo, California-based provider of a security information and event management (SIEM) solutions, announced on Tuesday that it has closed $75 million in Series E funding.
The Series E funding round comes less than one year after announcing a $50 million Series D round and brings the total amount raised by the company to $190 million.
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 frequently called out as a dying tool for security teams, Exabeam describes its platform as a “modern SIEM solution that combines end-to-end data collection, analysis, and response in a single management and operations platform.”
“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.”
According to the company, the additional funding will be used to support sales expansion and to expedite new product features and configurations.
The company has made no effort to mask its desire to win business over legacy SIEM solutions, and claims that over its last fiscal year, 76 percent of its replacement deals eliminated legacy vendors, such as IBM, McAfee, RSA, LogRhythm, Micro Focus and Splunk.
“Over the last year, we’ve seen our strategic value increase, and our average deal size has grown by 100 percent from just two years ago,” said Nir Polak, Exabeam CEO. “This is because we’re listening to our customers and delivering the innovative technologies they need, including, most recently, the ability to detect threats in the cloud. With the win rates we’re seeing and market opportunity in replacement business, we’re raising money to accelerate our go-to-market and enhance our products to bring additional innovation to modern SOC environments.”
Related: Exabeam Challenges Traditional SIEMs With New Security Intelligence Platform