LogRhythm (https://logrhythm.com) has closed a US$50 million round of new financing. The new capital will help LogRhythm accelerate its leadership and competitive differentiation in the briskly growing market for rapid threat detection and response solutions, a market which is expected to reach US$23 billion by 2020 based on research by Gartner. The company will use the funding to continue expanding its worldwide market presence, extend its investment in innovation and strengthen its balance sheet.
The new funding was led by existing investor Riverwood Capital (http://www.riverwoodcapital.com/#!/home) with participation by Adams Street Partners, Siemens Venture Capital, Delta-v Capital and members of the LogRhythm management team. The round also includes new investors EDBI, the dedicated investment arm of the Singapore Economic Development Board, Exclusive Ventures, the investment affiliate of Exclusive Networks (http://www.exclusive-networks.com), LogRhythm’s distributor in the EMEA region, and Silver Lake Waterman, Silver Lake’s late stage growth fund.
The LogRhythm unified security intelligence and analytics platform automates the detection, prioritisation and neutralisation of cyber threats. LogRhythm enables organisations to significantly reduce the time to detect and respond to cyber threats that have penetrated the enterprise perimeter or originated from within. With its rapidly growing enterprise customer base, the company continues to experience strong global momentum. LogRhythm has been positioned as a ‘Leader’ in the Gartner SIEM Magic Quadrant (https://logrhythm.com/gartner-magic-quadrant-siem-report-2015/) for five consecutive years and has improved its position each year.
“As a recognised leader in its field, LogRhythm is well placed to address the rapidly growing cybersecurity market,” said Chu Swee Yeok, CEO and President of EDBI. “Its powerful security analytics and intelligence platform enables companies to quickly detect and respond to cyber threats thereby augmenting and boosting cybersecurity resilience. EDBI looks forward to supporting the company in Singapore to advance their global solutions in Asia.”
“We’re very pleased to continue our partnership with our existing investors while also making room in an over-subscribed round for several new investors who can help our ongoing international expansion,” said Andy Grolnick, president and CEO of LogRhythm. “We’re in the early stages of a fundamental market shift. Organisations around the world recognize 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. LogRhythm has a tremendous opportunity ahead, as we become the platform of choice for powering customers’ next-generation security operation centers.”
About LogRhythm
LogRhythm, a leader in security intelligence (https://logrhythm.com/products/security-intelligence-platform/) and analytics, empowers organisations around the globe to rapidly detect, respond to and neutralise damaging cyber threats. The company’s patented award-winning platform (https://logrhythm.com/products/security-intelligence-platform/) uniquely unifies next-generation SIEM (https://logrhythm.com/products/siem/), log management (https://logrhythm.com/products/log-management/), network and endpoint monitoring (https://logrhythm.com/products/network-monitoring/), and advanced security analytics. In addition to protecting customers from the risks associated with cyber threats, LogRhythm provides unparalleled compliance automation and assurance, and enhanced IT intelligence
LogRhythm is consistently recognised as a market leader. The company has been positioned as a Leader in Gartner’s SIEM Magic Quadrant report for five consecutive years, named a ‘Champion’ in Info-Tech Research Group’s 2014-15 SIEM Vendor Landscape report, received SC Labs ‘Recommended’ 5-Star rating for SIEM and UTM for 2016 and earned Frost & Sullivan’s 2015 Global Security Information and Event Management (SIEM) Enabling Technology Leadership Award. LogRhythm is headquartered in Boulder, Colorado, with operations throughout North and South America, Europe and the Asia Pacific region.
About EDBI
As a premier Asian investor with over 25 years of experience, EDBI invests in knowledge and innovation-intensive sectors covering Information & Communication Technology (ICT), Smart & Sustainable Technology (SST), Biomedical Sciences (BMS), and select industry clusters under its Strategy Growth Programme (SGP). Under ICT, EDBI is interested in Fintech, Data Analytics, Info Security and Software Infrastructure. EDBI helps to grow companies in Asia and globally through Singapore. It is the dedicated investment arm of the Singapore Economic Development Board. www.edbi.com
