Security operations center (SOC) platform provider Hunters on Tuesday announced raising another $68 million, which brings the total investment secured by the firm to $118 million.
The $68 million was raised as part of a Series C funding round led by Stripes, with participation from DTCP, Cisco Investments, Databricks, YL Ventures, Bessemer Venture Partners, Microsoft’s M12, U.S. Venture Partners, Blumberg Capital and Snowflake Ventures.
The money will be used by the company to improve its products and services, boost sales, and invest in talent.
Hunters emerged from stealth mode in 2019 and it has developed a SOC platform that is meant to replace security information and event management (SIEM) products.
The platform ingests security data from a wide range of sources and it provides detection engineering, data correlation, and automatic investigation capabilities to help security teams detect incidents and respond quickly.
The company says it currently has 110 employees around the world, but it expects to more than double certain teams within the next year. Hunters claims its platform is used by major companies such as Snowflake, Booking.com, Cimpress, Netgear and AppsFlyer.
“The SIEM market is worth $4.3 billion and is ripe for disruption since it drives limited security outcomes for its customers,” said Uri May, CEO and co-founder of Hunters. “Players in this category focus on data ingestion and leave customers to build their own detection engineering and investigation capabilities or have significant gaps in scale and pricing models. Hunters was purpose built to help the overly stressed security teams mitigate real security incidents faster and more effectively.”
*headline and first paragraph updated – the company says it has shifted away from XDR to a cloud SOC platform
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