Exabeam, a cyber security company, has raised $25 million in Series B round of funding led by new investor Icon Ventures along with existing investors Norwest Venture Partners, Aspect Ventures and Shlomo Kramer, a founder of Check Point Software Technologies and early investor in Trusteer and Palo Alto Networks. Until date, the company has raised $35 million through funding.
Founded in 2013 and based in San Mateo, the startup Exabeam uses user-behavior analytics to detect imposters and intruders inside computer networks. It makes use of the existing log data to easily detect advanced attacks and direct effective response. Stateful User Tracking of the startup computerizes the task of security analysts by resolving individual security events and behavioral malfunctions into a complete attack chain. This process decreases the response time considerably and exposes attack impacts that would have unnoticed otherwise. Co-founded by Nir Polak, the startup currently monitors over 1 million employees and contractors for compromised activity.
In the press release Polak said, “Both public agencies and private corporations are under nonstop attacks on their sensitive information. We read about new data breaches on a weekly basis. “Most of these attacks occur using valid account credentials, and UBA is the only solution today that detects and improves response to these attacks.”
Justin Morehouse, founder and principal of Herndon said, “As attacks are continuously becoming more advanced, traditional security controls only provide part of the picture necessary to adequately respond. When you pair this with organizations’ rapid adoption of big data, taking a data-centric approach to detecting and responding to security is logical,”
“Cyber security continues to be an important market, and UBA can provide significant value to enterprises of all sizes,” said Jeb Miller, general partner at Icon Ventures. “Exabeam is a leader in the UBA market, with a winning product, an excellent customer base and a strong team that has built multiple public security companies before.”
With the fresh funds and drastic growth in North America, Exabeam plans to expand into the international markets focusing on Australia, Japan, Singapore and Europe. The company also plans to invest in widening its portfolio. Only a week ago, the company launched its Exabeam Version 2.0 that added machine learning capabilities to respond to online account lockouts. Apart from expansion, it is planning to recruit extra channel account managers in the East, West and EMEA at the start of next year.
Polak said, “Money is easier to get, value is not as easy to get. You’re looking for someone not just for the brand that they bring with them but the person … who has seen a lot of success and failures in the security industry.” He also added, “With team, technology and go-to-market strategy we are really able to provide a lot of good success stories, and I think that the channel sees that we see the interest coming from their customers and reacting to the technology in a very favourable way. It’s just a further acceleration.”