Leading SIEM Vendor Has Tripled Customer Base and Revenue over Past Two years
BOULDER, Colo., March 30, 2011 – LogRhythm, the company that makes log data useful, today announced that it recently closed a $10 million Series C round of financing with private equity firm Adams Street Partners joining the company’s existing investors Access Venture Partners, Colorado Fund I, Croghan Investments and Grotech Ventures. The company, which has tripled its customer base and revenue over the past two years, will use this new funding to accelerate international expansion, expand product development and build out its service and support infrastructure to meet the needs of its rapidly growing customer base.
“SIEM is increasingly becoming the centralized monitoring infrastructure that serves as the nervous system for security, compliance and operations management,” said Andy Grolnick, CEO of LogRhythm. “LogRhythm’s SIEM solution provides deep visibility across distributed IT environments and allows companies to pinpoint problems that can lead to data breaches, audit violations and downtime. With our new pattern recognition technology we have just scratched the surface in terms of what this platform can do.”
“We look for rising star companies with game-changing technology and seasoned management teams that are in high growth markets, criteria that LogRhythm meets in spades,” said Dave Welsh, Partner at Adams Street Partners. “We believe the company is positioned for long term leadership in the increasingly strategic SIEM market segment, and look forward to helping LogRhythm reach its potential.”
LogRhythm’s chief technology officer and co-founder, Chris Petersen, will also demonstrate AI Engine’s capabilities in his ‘SIEM – Protective Monitoring with Advanced Correlation’ Technical Showcase, at 3.45pm on Wednesday 20 April. Petersen will present a further Technical Showcase, entitled ‘SIEM – Monitoring Privileged Users’, on Thursday 21 April at 11.15am. This will include a live demonstration providing unparalleled visibility into the actions and abuses of privileged users.
- Introduced AI Engine, a next generation pattern recognition technology that exposes previously undetectable intrusions, insider threats, and network abuse
- More than tripled customer base and revenues over the past two years
- Recognized by Red Herring as one of the Top 100 Private Technology Companies in North America for 2010
- Received the Innovator Hall of Fame Award for SIEM from SC Magazine
- Recognized by Cisco as its Global Solution Partner of the Year for the utilities vertical market for 2010
- Received the SC Recommended Award in the SIEM category from SC Magazine
- Optimized LogRhythm technology for leading virtualization platforms – VMware ESX, Microsoft Hyper-V, and Citrix XenServer
- Received comprehensive log managementt / SIEM patent (U.S. Patent # 7,653,633)