August 21, 2015
AlienVault, the leading provider of unified security management and crowdsourced threat intelligence, announced it has closed a $52 million Series E funding round, which brings the company's total funding raised to nearly $116 million. The investment was led by new investor Institutional Venture Partners (IVP) with strong participation from existing investors, including Trident Capital, Kleiner Perkins Caufield & Byers and GGV Capital. With respect to the funding, Steve Harrick, General Partner at IVP, will join the board of directors as an observer.
The company plans to use the funding to improve the scale of the firm's global sales and to increase investments in product innovation for its Unified Security Management (USM) platform and Open Threat Exchange (OTX), its open threat intelligence community that enables collaborative defense with actionable, community-powered threat data.
AlienVault recently saw bookings growth exceeding 65% year over year and new customer growth exceeding 75% year over year. The company says it services over 2,000 customers and government organizations including Columbia University, Peet’s Coffee & Tea, NASA and Save Mart. The company was once again positioned in the Visionary quadrant of the 2015 Gartner Magic Quadrant for security information and event management (SIEM), which recognizes the value of its innovative approach to deliver affordable security solutions for organizations of all sizes.
"With today's rapidly changing threat landscape, technology alone is not enough in the battle against cybercrime. At AlienVault, we unify the security products, intelligence and community which enable all organizations—regardless of size—to quickly detect and respond to today's threats," said Barmak Meftah, President and CEO of AlienVault, in the press release. "This round of funding will allow us to make the investments needed to rapidly expand our reach into this large market opportunity."
Gartner predicts global cybersecurity spending will reach $76.9 billion this year as organizations become more "threat-aware." Probably, however, many mid-market companies lack the IT budget and technical expertise needed to deploy numerous point security products and gather and analyze enough actionable information to stay ahead of threats. Hence, AlienVault's broad approach to the problem set.
"AlienVault is a security visionary, focused on developing a new category of unified security management and actionable threat intelligence. Their products help companies detect and deflect targeted attacks in an efficient and timely manner," said Steve Harrick, General Partner at IVP, in the press release. "AlienVault offers organizations a unique solution to protect their sensitive data and core infrastructure. We were especially impressed by the company's strong executive team and board, their practical approach to the market and their enthusiastic and devoted customers."