News: The money will be spent on innovation and bolstering the balance sheet.
US security company LogRhythm has closed a $50 million funding round as it seeks to continue its worldwide expansion.
The funding will also be used to increase its investment in innovation and strengthen its balance sheet.
Riverwood Capital, an existing investor, led the funding, with participation from Adams Street Partners, Siemens Venture Capital, Delta-v Capital and members of the LogRhythm management team.
The funding included new investors EDBI, the investment arm of the Singapore Economic Development Board, Exclusive Ventures and Silver Lake Waterman.
LogRhythm’s technology automates detection, prioritisation and neutralisation of cyber threats, reducing the time to detect and respond to threats that are already within the enterprise perimeter.
Previous rounds of funding included a $40M round in 2014, again led by Riverwood Capital, with participation by Adams Street Partners, Access Venture Partners and members of senior management, along with new investor Piper Jaffray. In 2012, LogRhythm closed its $15 million Series D funding.
LogRhythm was founded in 2003 by Chris Petersen and Phillip Villella.
Jeff Parks, founding partner of Riverwood Capital said that his company was “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 recognised by industry analysts.”
Andy Grolnick, president and CEO of LogRhythm, said: “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.
“LogRhythm has a tremendous opportunity ahead, as we become the platform of choice for powering customers’ next-generation security operation centres.”