Exabeam Secures $25 Million Series B to Accelerate Rapid Growth
Company Continues to Demonstrate Leadership in Red-Hot UBA Market
September 29, 2015
SAN MATEO, Calif., Sep 29, 2015 (BUSINESS WIRE) — Exabeam, the leader in user behavior analytics (UBA) for security, today announced the closing of a $25 million financing round to further accelerate the company’s rapid growth and continue updating its UBA solution in response to customer demand and industry trends. Icon Ventures led the Series B investment round. Icon Ventures’ previous security investments include Palo Alto Networks PANW, +1.18% and FireEye (nasd:FEYE), two of the most valuable security companies in the world. Exabeam’s previous investors – Aspect Ventures, Investor Shlomo Kramer and Norwest Venture Partners – also participated in the Series B funding, which follows a milestone year of growth for Exabeam and brings total investments in the company to $35 million.
In the face of growing data breaches, malware and other attacks, cyber security continues to be one of the fastest growing technology markets. UBA is a rapidly expanding segment within the security industry and helps organizations detect, prioritize and respond to modern cyber attacks. Many of the largest recent data breaches employed valid, stolen employee account credentials, and existing security technologies are often unable to detect the use of these stolen credentials. UBA solutions use machine learning and other advanced techniques to distinguish normal and abnormal use of employee account credentials.
“Cyber security continues to be an important market, and UBA can provide significant value to enterprises of all sizes,” said Jeb Miller, general partner at Icon Ventures. “Exabeam is a leader in the UBA market, with a winning product, an excellent customer base and a strong team that has built multiple public security companies before.”
“Both public agencies and private corporations are under non-stop attacks on their sensitive information. We read about new data breaches on a weekly basis,” said Nir Polak, CEO of Exabeam. “Most of these attacks occur using valid account credentials, and UBA is the only solution today that detects and improves response to these attacks.”
After launching its flagship product early in 2015, Exabeam has enjoyed strong market success, beating both revenue and customer adoption goals. Exabeam appliances are currently monitoring more than 1 million employees and contractors for compromised activity. In addition to continuing its domestic expansion and product development, the company will use the additional funds to drive growth through international expansion. Exabeam is also working with security operations centers to reduce the amount of time spent on tasks that can be automated by machine learning. Exabeam Version 2.0 is the first of its kind to automatically analyze account lockouts (which typically happen when legitimate users repeatedly mistype their passwords) for risk of cyber attack. The issue is traditionally handled by experienced staff, and can consume a significant percentage of security teams’ time.
Exabeam’s user behavior analytics solution leverages existing log data to quickly detect advanced attacks, prioritize incidents and guide effective response. The company’s Stateful User Tracking™ automates the work of security analysts by resolving individual security events and behavioral anomalies into a complete attack chain. This dramatically reduces response times and uncovers attack impacts that would otherwise go unseen. Built by seasoned security experts and enterprise IT veterans from Imperva, ArcSight and Sumo Logic, Exabeam is headquartered in San Mateo, California and is privately funded by Aspect Ventures, Icon Ventures, Investor Shlomo Kramer and Norwest Venture Partners. Visit us on Facebook or Twitter and follow us on LinkedIn.
About Icon Ventures (formerly Jafco Ventures)
Based in Palo Alto, California, Icon Ventures is a technology venture capital firm specializing in mid-stage investing in companies with great entrepreneurs, compelling business models and strong momentum in their respective markets. Icon Ventures has had the privilege to invest in market-leading companies such as Aster Data, ClairMail, FireEye, 41st Parameter, Infinera, MoPub, Palo Alto Networks, Proofpoint and Teladoc. For more information about Icon Ventures visit http://www.iconventures.com/.
Megan Lieberman, 617-236-0500