LogRythm, a Colorado-based cybersecurity company, closed a $50 million round of new financing led by existing investor Riverwood Capital, the company said Aug. 30.
The funding also includes participation by Adams Street Partners, Siemens Venture Capital, Delta-v Capital and members of the LogRhythm management team. It also includes new investors EDBI, the investment arm of the Singapore Economic Development Board; Exclusive Ventures, the investment affiliate of Exclusive Networks, LogRhythm’s distributor in the Europe, Middle East, and Africa regions; and Silver Lake Waterman.
LogRhythm plans to use the new funding to continue expanding its international market presence, extend innovation investments, and strengthen its balance sheet.
The company’s unified security intelligence and analytics platform automates the detection, prioritization, and neutralization of cyber threats. It allows organizations to reduce the time to detect and respond to cyber threats that have penetrated the perimeter of an enterprise or began from within it, LogRythem said.
“We’re excited to have the opportunity to increase our investment in LogRhythm as the company accelerates its global growth. We continue to be impressed with the company’s ability to drive technical innovation while simultaneously taking customer and market reach to new levels,” Jeff Parks, founding partner of Riverwood Capital, said in a statement.
“The company has been operating ahead of plan and is further extending its market leadership in the rapidly growing security intelligence and analytics space, as recently recognized by industry analysts,” he added.
“We’re very pleased to continue our partnership with our existing investors while also making room in an over-subscribed round for several new investors who can help our ongoing international expansion,” Andy Grolnick, president and CEO of LogRhythm, said in a statement.
“LogRhythm has a tremendous opportunity ahead, as we become the platform of choice for powering customers’ next-generation security operation centers.”