Exabeam, a cybersecurity startup that leverages big data, machine learning, and analytics to detect and respond to cyber threats, has raised $50 million in a series D round of funding led by Lightspeed Venture Partners, with participation from Cisco Investments, Norwest Venture Partners, Aspect Ventures, Icon Ventures, and Shlomo Kramer.
Founded in 2013, San Mateo-based Exabeam is one of a number of security information and event management (SIEM) platforms that analyzes companies’ log data sources to establish what “normal” behavior looks so it can flag abnormal activities and allocate a risk score. The more abnormal activities detected, the higher the risk score. It can take a few weeks to build up a picture of what constitutes “normality” in a company, but with access to historical data this can be reduced to days.
Exabeam had previously raised around $65 million in funding, including a $30 million raise last year, and with another $50 million in the bank it plans to “grow its cloud portfolio” and double down on global expansion.
“The next Splunk”
Exabeam faces a number of big-name competitors, such as Splunk, which went public on the Nasdaq six years ago. Splunk‘s shares are riding on the crest of a wave, having been at well over $100 for the past six months — significantly over its 2012 IPO price of $17. With full confidence, Exabeam claims its investors are actually touting the startup as “the next Splunk.”
“The new funding will allow us to invest heavily in our new cloud solutions and reach even more enterprises around the world,” said Exabeam CEO Nir Polak….