US-based cybersecurity technology producer Exabeam closed a $50m series D round yesterday that included Cisco Investments, the corporate venturing subsidiary of networking equipment manufacturer Cisco.
The round was led by venture capital firm Lightspeed Venture Partners and included VC firms Norwest Venture Partners, which manages funds on behalf of financial services firm Wells Fargo, Aspect Ventures and Icon Ventures, and private investor Shlomo Kramer.
Founded in 2013, Exabeam has created a security information and event management (SIEM) software platform that uses big data analytics and machine learning to prevent cyberattacks by detecting anomalous behaviour and identifying suspicious user movements across a network.
The series D funding will be used to expand the functionality of Exabeam’s platform and will help drive sales and international expansion efforts.
Cisco Investments previously co-led the company’s $30m series C round with Lightspeed Venture Partners in February 2017, investing alongside Norwest, Aspect Ventures, Icon Ventures and Kramer.
Icon Ventures led a $25m series B round for Exabeam in 2015, with participation from Norwest, Aspect Ventures and Kramer. Norwest had already led its $10m series A round in 2014, participating together with Aspect and Kramer.
Nir Polak, chief executive of Exabeam, said: “Our investors have an amazing track record of investing in companies that truly are disruptive and typically become category leaders.
“The new funding will allow us to invest heavily in our new cloud solutions and reach even more enterprises around the world. We are on track to overtake Splunk and be the next SIEM market leader.”