Exabeam, a Silicon Valley startup that helps companies automate the analysis and monitoring of their cybersecurity data, said it raised US $ 200 million (A $ 258 million) in its most recent funding round which valued the company at US $ 2.4 billion (AU $ 3.1 billion). .
While venture capital investments in cybersecurity have grown rapidly over the years, they have received an additional boost during the pandemic as working remotely has created additional challenges.
According to data firm PitchBook, venture capital funding for cybersecurity reached a record high of $ 10.2 billion in 2020 and by the end of May 2021 it was already reaching $ 8 billion. Much of the funding is done with American startups.
The number of applications such as firewalls, identification verification and network security analysis that businesses use are increasing, making it increasingly difficult for them to manage their cybersecurity.
“All of these things are turning into flashing engine lights that a security operations center has to deal with, and the volume of devices coming into the world … is only making this problem bigger and bigger,” he said. said Michael DeCesare, who officially started Tuesday as CEO of Exabeam.
“One of the biggest security issues you face is a lack of talent. You don’t have enough people, ”said Nir Polak, co-founder of Exabeam, explaining why cybersecurity automation was crucial at a time when the volume of hacking attacks is exploding.
The roundtable was led by the Owl Rock division of Blue Owl Capital, an asset management firm with more than $ 52 billion under management.
Pravin Vazirani, Managing Director of Blue Owl Capital, said that while many cybersecurity startups are emerging, many of them are being taken over by bigger players.
He said his strategy was to find a company that could grow into a large stand-alone cybersecurity company.