Siemens’ Venture Capital has contributed to a $15 million Series D funding round for LogRhythm, a business which provides cyber threat defence, detection and response.
Its software analyses and manages network, host, file and user activity data to detect threats and then provide intelligence. The business has its corporate headquarters in the US, with its EMEA headquarters in Berkshire and APAC base in Hong Kong.
Existing investors Adams Street Partners and Grotech Ventures are also contributing in the fundraising effort. LogRhythm says the new capital will be used to accelerate growth, product innovation and international expansion.
LogRythm’s three previous funding rounds saw the business raise $10 million in March 2011, $3.1 million in April 2009 and $3.25 million in November 2008.
Andy Grolnick, president and CEO of LogRhythm, says that the business is ‘excited’ to partner with Siemens’ Venture Capital group due to the new ability to collaborate in several of what it identifies as key vertical markets, such as healthcare and critical infrastructure.
He adds, ‘Network attacks and breaches are increasingly driving organisations to employ more advanced detection and response capabilities.
‘There is also a rapidly growing demand for solutions that help organisations tap “Big Data” for enhanced security, operations and business intelligence.’
Ralf Schnell, CEO of Siemens’ Venture Capital, adds, ‘The market for security information and event management (SEIM) technologies is growing faster than ever before as cyber threats increase in volume and sophistication at alarming rates.’
Siemens’ Venture Capital group is the corporate venture capital unit of Siemens. It invests in early-stage technology companies and established growth companies in the energy, industry, healthcare and infrastructure/cities sectors.
To date it is invested €800 million in 150 companies and 40 venture capital funds.