Tuesday August 30, 2016 0 comments
BOULDER -- LogRhythm announced it recently closed a $50 million round of new financing.
The company said it 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 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, headquartered in Singapore; Exclusive Ventures, the investment affiliate of Exclusive Networks, LogRhythm’s distributor in the EMEA region; and Silver Lake Waterman, Silver Lake’s late-stage growth fund.
LogRhythm’s unified security intelligence and analytics platform automates the detection, prioritization and neutralization of cyber threats. LogRhythm enables organizations 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 said it continues to experience strong global momentum. LogRhythm has been positioned as a ‘Leader’ in the Gartner SIEM Magic Quadrant for five consecutive years and has improved its position each year.
“We’re excited to have the opportunity to increase our investment in LogRhythm as the company accelerates its global growth,” said Jeff Parks, founding partner of Riverwood Capital.
“We continue to be impressed with the company’s ability to drive technical innovation while simultaneously taking customer and market reach to new levels. The company has been operating ahead of plan and is further extending its market leadership in the rapidly growing security intelligence and analytics space, as recently recognized by industry analysts.”
“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, LogRhythm president and CEO.
“We’re in the early stages of a fundamental market shift. Organizations 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.”