Security Company LogRhythm Gets $15 Million
LogRhythm says the funding will be used to accelerate growth, product innovation and international expansion.
LogRhythm recently announced $15 million in funding from Siemens' Venture Capital group as well as Adams Street Partners, Grotech Ventures and the Colorado Fund.
"The market for Security Information and Event Management (SIEM) technologies is growing faster than ever before as cyber threats increase in volume and sophistication at alarming rates," Ralf Schnell, CEO of Siemens’ Venture Capital group, said in a statement. "LogRhythm is well positioned for long-term growth with its award-winning SIEM 2.0 platform. We’re thrilled to be a strategic partner in this business."
"We are excited to partner with Siemens' Venture Capital group, particularly due to the opportunity we see to collaborate in several of the key vertical markets that LogRhythm and Siemens both target, including healthcare and critical infrastructure," LogRhythm president and CEO Andy Grolnick said in a statement. "Network attacks and breaches are increasingly driving organizations to employ more advanced detection and response capabilities. There is also a rapidly growing demand for solutions that help organizations tap 'Big Data' for enhanced security, operations and business intelligence. LogRhythm’s SIEM 2.0 platform addresses both of these burgeoning needs in unique and compelling ways."
"Positioned as a leader in Gartner's 2012 SIEM Magic Quadrant, LogRhythm's SIEM platform is designed to provide the visibility and insight needed to detect, defend against and respond to increasingly sophisticated cyber threats; to meet compliance requirements; and to respond proactively to operational challenges," writes Computer Weekly's Warwick Ashford.
The company says the funding will be used to accelerate growth, product innovation and international expansion.