LogRhythm has closed a US$50 million round of financing that aims to help accelerate its leadership and competitive differentiation in the briskly growing market for rapid threat detection and response solutions.
The company says it will use the money to continue expanding its worldwide market presence, extend its investment in innovation and strengthen its balance sheet.
Existing investor Riverwood Capital led the funding, with participation from Adams Street Partners, Siemens Venture Capital, Delta-v Capital and members of the LogRhythm management team.
LogRhythm says the new round also includes new investors EDBI, the dedicated investment arm of the Singapore Economic Development Board, Exclusive Ventures, the investment affiliate of Exclusive Networks and its distributor in the EMEA region.
The LogRhythm unified security intelligence and analytics platform automates the detection, prioritisation and neutralisation of cyber threats.
The company says it enables organisations to significantly reduce the time to detect and respond to cyber threats that have penetrated the enterprise perimeter or originated from within.
Chu Swee Yeok, CEO and president of EDBI, says as a recognised leader in its field, LogRhythm is well placed to address the rapidly growing cybersecurity market.
“Its powerful security analytics and intelligence platform enables companies to quickly detect and respond to cyber threats thereby augmenting and boosting cybersecurity resilience,” he says.
“EDBI looks forward to supporting the company in Singapore to advance their global solutions in Asia.
Andy Grolnick, president and CEO of LogRhythm, says they're very pleased to continue their partnership with their existing investors, while also making room in an over-subscribed round for several new investors.
“We're in the early stages of a fundamental market shift. Organisations around the world recognise that advanced detection and response capabilities need to be at the core of their cyber security strategies, and IT security budgets continue to shift in this direction from a traditionally prevention-centric set of priorities,” he explains.
“LogRhythm has a tremendous opportunity ahead, as we become the platform of choice for powering customers' next-generation security operation centers.”