CUPERTINO — Demisto, a developer of Security Operations technology, has closed a $20 million Series B round of funding. As a part of this round, the company also announced the appointment of ClearSky Managing Director Jay Leek to its Board of Directors. Other participating investors included Accel, Slack Fund and additional strategic investors.
The funds will be used to expand operations to accelerate new product innovation and customer rollouts, and ramp sales and marketing to meet growing global demand for incident response management, automation, and real-time collaboration across security teams. The new investment brings the company’s total funding to $26 million.
“Demisto was built to make security analysts’ lives easier with its combined incident response case management and security orchestration platform, which is unrivaled in the industry,” said Slavik Markovich, CEO of Demisto. “This new funding is a testament to the tremendous and unbelievably fast growth we’ve already experienced, in less than a year since we first launched our product. We are also excited to add security visionary Jay Leek to our Board of Directors, and we will leverage his exceptional leadership and guidance as we grow our business.”
According to a recent report published by MarketsandMarkets, the incident response market size is estimated to grow from USD $13.09 Billion in 2016 to USD $30.29 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.3 percent. In 2016 Demisto saw rapid adoption of its incident response solution due to expanding market demand and a significant partner ecosystem which now includes more than 100 integration partners.
“Demisto simplifies the way enterprises manage incident response with its automated and collaborative incident response platform that delivers unprecedented insight and resolution into complex threats,” said Jay Leek, managing director at ClearSky and former CISO of Blackstone. “I have been involved in this space for a long time, and I believe Demisto has the most comprehensive solution by combining automation and collaboration into a unified platform for security teams, and is positioned well to become a leader in the security industry.”
Demisto also announced general availability of Demisto Enterprise 2.0, making Demisto Enterprise the industry’s first comprehensive incident management platform to offer integrated threat intelligence. The new capabilities enable customers to integrate leading threat feeds with Demisto to manage indicators and automate threat hunting operations, saving time and significantly reducing the risk of exposure.
“Demisto is uniquely positioned to be the first true security system of record for the actions taken by incident responders,” said Jake Flomenberg, Partner at Accel. “This new investment will help the company further accelerate its efforts to achieve this vision and increase the productivity of IR teams everywhere. We are excited to have Jay join us in this journey and look forward to exciting times ahead.”