Exabeam, a start-up based in San Mateo, California, closed $75 million in Series E funding for its next-gen Security Information and Event Management (SIEM) solutions.
Exabeam claims that over the past year 76 percent of its replacement deals eliminated legacy vendors, including IBM, McAfee, RSA, LogRhythm, Micro Focus and Splunk. In addition, Exabeam has a 72 percent win rate in replacement deals against these incumbents. Technology and services giant NTT DATA is just one example of a global deployment where Exabeam displaced multiple legacy SIEMs and the company standardized on Exabeam going forward.
“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. 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,” said Nir Polak, Exabeam CEO.
The latest round was jointly led by new investor Sapphire Ventures and Lightspeed Venture Partners, with participation from other existing investors.
