Siemplify, provider of security orchestration, automation and response (SOAR), has secured $30m in its Series C.
Growth equity firm Georgian Partners led the investment, with contributions also coming from existing backers 83North, G20 Ventures and Jump Capital. The round brings Siemplify’s total equity raised to $58m.
Funds are earmarked for the significant expansion of the company’s global go-to-market strategy and the enhancement of its security operations platform.
Siemplify aims to provide businesses with a workbench for end-to-end security operations, spanning automated repetitive tasks and integrated security tools which respond to cyber threats. Israel-based Siemplify offers intelligent case management, dynamic, customisable playbooks, context-driven investigation, collaboration, machine learning recommendations and real-time SOC Metrics and KPIs.
This funding round has come after strong growth for Siemplify, which culminated in a 1,000 per cent year-over-year growth in 2017 and a 280 per cent growth in 2018. The company has also witnessed a 250 per cent growth in annual recurring revenue in the first quarter of 2019.
Georgian Partners partner Steve Leightell said, “Siemplify is rapidly solidifying its position as the leading independent SOAR provider, with a differentiated offering and a clear vision of enabling organizations to manage security operations from end to end. We are excited to lead the Series C funding round and to support Siemplify as it continues its fast growth.”
Earlier in the year, Georgian Partners participated in the $47m funding round of cyber threat detection and response business eSentire. The company gives organisations a constant threat detection and response service through threat hunting and advanced automation.
Interest in cybersecurity solutions has become more appetising for investors over the years. The share of RegTech deals made in cybersecurity sub-sector has been growing since 2014. Last year, it received 19.7 per cent of the total 164 RegTech deals, the joint highest amount.
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