Exabeam, a late-stage startup that helps organizations detect advanced cybersecurity threats, has landed a new $200 million funding round that values the company at $2.4 billion.
The Series F growth round was led by the Owl Rock division of Blue Owl Capital, with support from existing investors Acrew Capital, Lightspeed Venture Partners and Norwest Venture Partners.
The announcement of Exabeam’s latest funding, which the company says will help it on its mission to become “the number one trusted cloud SeCops platform in the market”, coincides with the news that CEO Nir Polak, who co-founded the company in 2013, will be replaced by former ForeScout chief executive Michael DeCesare.
DeCesare is a big name in the cybersecurity space, with more than 25 years of experience leading high-growth security companies. He joined ForeScout as CEO and president in February 2015 after four years as president of McAfee, which at the time was owned by Intel. Under his leadership, ForeScout raised nearly $117 million in an upsized IPO that valued the IoT security vendor at $800 million.
Polak, meanwhile, will shift to a chairman role at Exabeam and “will continue on as an active member of the executive team and remain at the company,” according to the funding announcement.
“Nir has built an incredibly robust, diverse and inclusive culture at Exabeam, and I am committed to helping it flourish,” said DeCesare. “I’m thrilled to join Nir and the whole leadership team to help drive the company through its next phase of growth.”
Exabeam, which has now raised $390 million in six rounds of outside funding, says it expects to use the new money to fuel scale, innovate and extend the company’s leadership. “It gives us the opportunity to triple down on our R&D efforts and continue engineering the most advanced UEBA, XDR and SIEM cloud security products available today,” commented Polak.
The company adds that it has made significant investments in its partner program over the last 12 months, which now includes more than 400 reseller, distributor, systems integrator, MSSP, MDR and consulting partners globally. Exabeam also has more than 500 technology integrations with cloud network, data lake and endpoint vendors including CrowdStrike, Okta and Snowflake.
It’s clearly expecting these investments to pay off, describing its “outcome-based approach” to external security as perfectly suited to support organizations as they manage exponential amounts of data and return to the post-COVID workplace in a variety of hybrid scenarios. After all, hackers are already beginning to target employees who have started making a return to the office, and this threat is only likely to increase as more companies begin to dial back on remote working and start welcoming staff back into workplaces.
“Exabeam is poised to be the next-gen leader in the cloud security analytics, XDR and SIEM markets,” Pravin Vazirani, Blue Owl Capital’s managing director and co-head of tech investing, said in a statement. “We led this round of funding to provide the company with the resources necessary to support its sustainable, long-term growth and value creation.”
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