LogRhythm, a US-based online threat defense, detection and response technology provider, has raised $15m for its series D round from a consortium including Germany-based industrial conglomerate Siemens’ corporate venturing unit.
Siemens Venture Capital led LogRhythm’s D round and was joined by venture capital firms Adams Street Partners, Grotech Ventures and the Colorado Fund.
Ralf Schnell, chief executive of Siemens Venture Capital, which is part of Siemens Financial Services and has invested more than €800m ($1bn) in over 150 companies and 40 venture capital fuunds, said: “The market for security information and event management (SIEM) technologies is growing faster than ever before as cyber threats increase in volume and sophistication at alarming rates.”
Andy Grolnick, executive president of LogRhythm, said: “We are excited to partner with Siemens’ Venture Capital group, particularly due to the opportunity we see to collaborate in several of the key vertical markets that LogRhythm and Siemens both target, including healthcare and critical infrastructure.”
The company raised $10m in its C round in March last year from a consortium that also included Access Venture Partners and Croghan Investments, while its first two rounds in 2008 and 2009 raised $3.35m, according to data provider CrunchBase.