US-based cybersecurity technology developer Expel collected $50m in a series D round yesterday led by CapitalG, a growth-stage investment subsidiary of internet and technology conglomerate Alphabet.
Battery Ventures, Greycroft, Index Ventures, Paladin Capital Group and Scale Venture Partners also took part in the round.
Founded in 2016, Expel provides a security operations centre-as-a-service that enables enterprise clients to manage detection and response to threats on-premises, in the cloud and hybrid environments.
The technology integrates with existing security infrastructure and can be installed and deployed on networks within hours.
The cash injection will allow Expel to extend its sales and marketing activities, invest in its cloud security products and explore an international expansion.
Gene Frantz, a general partner at CapitalG, said: “Enterprises are under threat from an inexhaustible supply of bad actors seeking to attack them. Companies respond by investing in new security products, which in turn generate a mountain of alerts for their security teams to review.
“Most enterprises cannot find enough cybersecurity talent to analyse every threat. Expel makes it both possible and incredibly simple for enterprises to manage their security needs. With Expel, companies can turn on a world-class security operations centre within a few hours.”
Expel has now raised more than $117m in total equity financing. Index Ventures led a $40m series C round in June 2019, with commitments from Greycroft, Battery Ventures, Paladin, Scale Venture Partners and New Enterprise Associates (NEA).
Scale Venture Partners led a $20m series B round in April 2018, with participation from NEA, Battery Ventures, Greycroft, Lightbank and Profile Capital Management.
Expel had already secured $7.5m in a series A round in September 2016 led by Paladin. The round also attracted NEA, Battery Ventures, Greycroft, Lightbank as well as several undisclosed strategic and individual investors.
