SAN MATEO — Exabeam, which operates a security information and event management (SIEM) platform, has closed $75 million in Series E funding. The latest round is jointly led by new investor Sapphire Ventures and Lightspeed Venture Partners, which have collectively backed nearly 40 IPOs. Other existing investors also participated.
In the last 12 months, Exabeam’s market perception has shifted from a user and entity behavior analytics (UEBA) vendor to a leading SIEM provider. Recognizing this, Exabeam was recently named a leader in the 2018 Gartner Magic Quadrant for Security Information and Event Management. During the last fiscal year, 76 percent of the company’s 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.
Since its $50 million Series D funding round in August 2018, Exabeam has also seen increased sales of its cloud offerings, on the heels of the release of Exabeam SaaS Cloud, which was launched and purchased by its first customer within the first quarter of this year. The company also expanded its sales team and Technology Alliance Partnership Program, which has already attracted more than 350 software and services vendors, representing integrations with nearly 2,500 unique data sources and APIs.
“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.
Exabeam is privately funded by Aspect Ventures, Cisco Investments, Icon Ventures, Lightspeed Venture Partners, Norwest Venture Partners, Sapphire Ventures and well-known security investor Shlomo Kramer.