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Cybersecurity startup Exabeam raises $50 million Series D

Exabeam uses data and AI to detect and respond to cyber threats.

Cybersecurity player Exabeam is announcing $50 million in Series D funding. The round was led by Lightspeed Venture Partners, the firm behind the Snap, Nutanix and MuleSoft IPOs, and supported by Aspect Ventures, Icon Ventures, Norwest Venture Partners and cybersecurity investor Shlomo Kramer.

Exabeam is a cybersecurity newcomer that's using data and AI to detect and respond to cyber threats. The company is focused primarily on the security information and event management (SIEM) space, which some market estimates predict will hit $4.54 billion in 2019.

Exabeam says its SIEM platform offers log data collection and threat detection using behavioral modeling, machine learning and analytics, with a built-in incident response system for an automatic response to security incidents.

The startup also says that it's winning market share from established players, and landing contracts 70 percent of the time when pitted head to head against rival Splunk.

"It's clear from the large increase in replacement wins with customers like ADP, Hulu, Safeway and Union Bank that [the company] is consistently delivering industry-leading technology to the most demanding enterprises and government organizations in the world," said Theresia Gouw, co-founder of Aspect Ventures.

Exabeam says its investment total is now $115 million and that the new funding will go toward growing the company's cloud portfolio, as well as sales and channels to fuel global expansion. No valuation was disclosed.

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