ExtraHop, renowned for its pioneering work in cloud-native network detection and response (NDR), has secured $100m in growth capital from its existing investors, a deal set to be finalised early in 2024.
This funding marks a pivotal moment for ExtraHop as it concludes 2023 with an impressive $200m in Annual Recurring Revenue (ARR), reflecting a remarkable doubling in recent years.
ExtraHop’s core offering, the Reveal(x) platform, stands out for its comprehensive visibility capabilities. This platform enables organisations to automatically identify new, rogue, and unmanaged devices, detect advanced attack stages using machine learning technologies, and efficiently counter threats.
In a move to bolster cybersecurity defences against malware and botnet operations, ExtraHop has open-sourced its 16 million row dataset, targeting domains generated by algorithm (DGAs). Further solidifying its market position, ExtraHop has enhanced its partnership with CrowdStrike, integrating CrowdStrike Falcon Intelligence into the Reveal(x) platform.
According to Chris Kissel, Research Vice President of Security and Trust at IDC, the growing recognition of NDR by analysts, investors, and enterprises underscores its essential role in modern cybersecurity stacks. Kissel highlights that implementing critical cybersecurity measures like zero trust and XDR strategies is nearly impossible without NDR. He commends the Reveal(x) platform’s role in uncovering hidden cyber risks and ensuring operational continuity.
ExtraHop’s recent growth is also marked by the addition of seasoned cybersecurity experts to its leadership team. Marc Andrews joins as the Chief Revenue Officer (CRO), bringing a wealth of experience from his previous roles at Symantec and Blue Coat Systems. His expertise in sales leadership and strategy formulation is expected to drive ExtraHop’s market expansion. Kanaiya Vasani, the new Chief Product Officer (CPO), comes with over three decades of experience in networking and security. His previous tenure at Infoblox and leadership roles at Juniper Networks and Terayon Communications equip him with the necessary skills to steer ExtraHop’s product development and corporate strategy.
ExtraHop CEO and Managing Partner at Crosspoint Capital Partners, Greg Clark, emphasized the company’s commitment to innovation and cybersecurity risk management. He said, “ExtraHop is poised to be one of the next revolutionary businesses in this new era of cybersecurity, and this new infusion of capital will help the company build on its recent success and scale to new heights.
“ExtraHop is committed to building upon its heritage of developing groundbreaking technology to help customers better manage and mitigate their cyber risk. We believe this investment will further accelerate the company’s roadmap as it delivers essential tools to combat today’s modern threats.”
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