Data security firm Exabeam announced it has raised $25M. Its technology identifies attacks even when a hacker has legitimate access to a company’s resources
The battle between attackers and the companies and experts who specialize in data security often seems like a lost cause; the attackers only need one successful breach to achieve their goals and harm an institution, while companies must contend with a flood of false alarms from their own security products. Exabeam, a startup that develops technology to discover ongoing attacks, has announced a funding round of $25 million.
Identifying attackers, even if they have usernames and passwords
One of the prominent fields in the cybersecurity arena is identifying user behavior, a term that is referred to as UBA: User Behavior Analytics. This approach can allow organizations to deal with incidents of identity theft committed against their users and attackers’ malicious deployment of this information – a phenomenon that has occurred in several recent attacks. Exabeam’s technology implements information learning and complex algorithms to identify and differentiate between normal and legitimate uses of an organization’s resources and misuse in the hands of an attacker, even if it appears harmless. This technology dramatically reduces the response time to an attack and identifies ongoing attacks, or Advanced Persistent Threats (APT), which would otherwise not be discovered.
In response to the recent fundraising round, Exabeam Founder and CEO Nir Polak said, “Both public organizations and private companies face constant attacks against their information. We read about leaked information on a weekly basis. Most of these attacks occur through the accounts of legitimate users, and UBA is the only solution that allows for the discovery and lower response time to these kinds of attacks.” Polak added, “We grew at a remarkable rate last year and this current funding round will help us continue to invest in our growth. Our focus will be on embedding the technology in as effective and seamless a way as possible.”
Nir Polak, Domingo Mihovilovic Ph.D., and Sylvain Gil founded Exabeam in 2013, and its offices are based in San Mateo, California. The current funding round was led by Icon Ventures, which was joined by Aspect Ventures and Norwest Venture Partners (NVP) as well as Shlomo Kramer, who has invested in the company since its inception. Since its launch, the startup has raised $35 million in total funding. The company reported that the current funds will help it develop its products, grow its marketing efforts, and embed their technology in additional large companies and organizations.