Up-and-coming SIEM player aims to make mark in field of veterans
After receiving Series E funding led by Sapphire Ventures and Lightspeed Venture Partners, Exabeam is looking to steal more market share away from legacy heavyweights such as IBM, McAfee, and RSA.
The Lowdown: The funds will be used by Exabeam – whose channel partners include resellers, distributors, and systems integrators – to expand its sales reach and expedite new product features.
The Details: Over the past year, Exabeam has refashioned itself from a company focused solely on user and entity behavior analytics (UEBA) to a noteworthy provider of security information and event management (SIEM). Roughly three-quarters of the company’s deals in its latest fiscal year involved the replacement of legacy vendors’ technology, company officials said.
In August 2018, Exabeam secured $50 million in Series D funding and has since seen increased sales of its cloud offerings, released Exabeam SaaS Cloud, and expanded both its sales team and its Technology Alliance Partnership Program, which now hosts 350-plus software and service vendors.
Officials of the next-gen security company, which was founded in 2013, said its flat, user-based pricing model and streamlined threat detection and machine learning-powered behavioral analytics have allowed it to disrupt the SIEM market and help SOC analysts “work smarter.”
The Buzz: “Over the last year, we’ve seen our strategic value increase, and our average deal size has grown by 100 percent from just two years ago. This is because we’re listening to our customers and delivering the innovative technologies they need, including, most recently, the ability to detect threats in the cloud,” said Nir Polak, CEO of Exabeam. “With the win rates we’re seeing and market opportunity in replacement business, we’re raising money to accelerate our go-to-market and enhance our products to bring additional innovation to modern SOC environments.
“Having recently backed groundbreaking public companies,…both Lightspeed and Sapphire have an incredible combined track record of spotting up-and-comers that will ultimately dominate their markets,” Polak added. “Their collective guidance and support will only further our mission to keep our customers out of the breach headlines and take over the SIEM market along the way.”
“We’ve chosen to back Exabeam because of the momentum the company has in a very large and important market. Nir and the team are solving the problems that legacy SIEM vendors don’t seem to realize they have, and to us, that demonstrated unmistakable value,” said Anders Ranum, managing director at Sapphire Ventures. “Customers are consistently buying its full platform as a replacement for the offerings that once dominated the market to improve their security posture and conquer the hurdles of outdated technology and expensive, data-based pricing.”