Cyber security vendor, LogRhythm, has closed a $US50 million round of new financing which included funding from the investment affiliate of distributor, Exclusive Networks.
The round also included new investors EDBI, the dedicated investment arm of the Singapore Economic Development Board and Silver Lake Waterman, Silver Lake’s late stage growth fund.
EDBI CEO and president, Chu Swee Yeok, said the vendor was a recognised leader in the field and well placed to address the rapidly growing cyber security market.
“Its powerful security analytics and intelligence platform enables companies to quickly detect and respond to cyber threats thereby augmenting and boosting cyber security resilience," Chu said.
"EDBI looks forward to supporting the company in Singapore to advance their global solutions in Asia."
LogRhythm said the new capital will help accelerate its leadership and competitive differentiation in the growing market for rapid threat detection and response solutions.
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, with participation by Adams Street Partners, Siemens Venture Capital, Delta-v Capital and members of the LogRhythm management team.
LogRhythm president and CEO, Andy Grolnick, said the vendor was pleased to continue its partnership with existing investors while also making room in an over-subscribed round for several new investors who could help the company’s ongoing international expansion.
“We’re in the early stages of a fundamental market shif," Grolnick added.
"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 centers.”