LogPoint, the Modern security information and event management (SIEM) and big data analytics platform, today announced it has secured $10 million in Series B funding from Evolution Equity Partners. The funding will enable LogPoint to enter the next phase of growth; fueling expansion in new markets and providing for continuous enhancement of the LogPoint Enterprise SIEM platform.
LogPoint enables enterprises to proactively monitor their networks and rapidly detect and respond to cybersecurity threats and fulfills compliance and regulatory requirements, including auditing guidelines, ISO standards, UK GPG13 and the European Union GDPR. An effective SIEM solution is one of the cornerstones of enterprise security and the Modern SIEM and big data analytics platform by LogPoint offers unprecedented performance, scalability and flexibility. LogPoint delivers its product on-premise and in the cloud and is designed for both in-house cybersecurity departments as well as managed security service providers (MSSP).
According to Gartner Research “worldwide spending on information security is expected to reach $90 billion in 2017, an increase of 7.6 percent over 2016, and to top $113 billion by 2020. Spending on enhancing detection and response capabilities is expected to be a key priority for security buyers through 2020.”
“We are humbled by the trust placed in LogPoint by Evolution and extremely excited over the opportunities opening up for us. Not only in terms of the funding necessary to realize our growth plans, but also the prospect of partnering with Evolution, that will provide invaluable help as we pursue our goals”, said Jesper Zerlang, CEO of LogPoint.
“We believe the attributes of the LogPoint SIEM-platform are unique and provide the company with cutting edge advantage in the global marketplace. The flexibility of the platform, simplicity of the design, the sophistication of the analytics capabilities and the compelling business and licensing model, provides an attractive value proposition. We welcome LogPoint to our portfolio of leading cyber security companies,” said Richard Seewald, Founder and Managing Partner at Evolution. Richard Seewald and Karel Obluk, partner at Evolution, will join the LogPoint Board of Directors.
“The potential for the LogPoint SIEM platform has grown with lightning speed since we first launched in 2008. Today cybersecurity is among the major threats to enterprises, organizations and governments – even nations. It’s fueled by the growing awareness, the increasing complexity of cybersecurity challenges and a shortage in cybersecurity professionals,” said LogPoint founder, Soren Laustrup.
LogPoint is headquartered in Copenhagen, Denmark, introduced its SIEM solution to the market in 2008, and has since experienced continuous growth. In 2012 Series A funding was provided by Danish ICT specialist investor DICO, who will remain as an investor. LogPoint is the only European SIEM vendor and it achieved an EAL 3+ certification in 2015 in partnership with Boeing Defense, Space & Security. This certification facilitates partnerships with NATO, intelligence agencies, military and police entities and critical infrastructure in general.
LogPoint serves more than 300 customers globally with significant customer base in Europe, whether it be government authorities, organizations and private enterprises. The clients are served through a network of infrastructure and security specialists partners such as CGI, Securelink, NNIT, KMD and Cygate. The company has grown from 30 to 100+ employees with offices in Germany, United Kingdom, France and Sweden in addition to HQ in Denmark.
LogPoint is a SIEM pioneer founded in Denmark, having introduced its SIEM product to the market in 2008. Today, over 300 clients experience the LogPoint difference. LogPoint technology is designed to transform big data into an effortless package where users enjoy how easily it adapts their needs – from seamlessly defending against cybercrime and fraud, optimizing IT operations and surpassing compliance demands. LogPoint is the most flexible platform available for collecting, analyzing, and monitoring all data – whether generated by applications, databases, or infrastructure, or involve sensitive assets, manufacturing systems, or security systems. The scale-as-you-grow principle allows for quick and easy visualization with only a few resources – no matter how vast the IT landscape, no matter how dense the data. Sales and support offices are located throughout Europe with partnerships across the globe.
About Evolution Equity Partners:
Evolution Equity Partners, based in New York City and Zurich, Switzerland, invests in fast growing technology companies in the United States, Europe and Israel helping exceptional entrepreneurs develop market leading companies. The firm has a focus on Cyber-Security and Enterprise Software and its partners have been involved as founders, investors and as senior operating executives in leading software companies around the world. Current and past cyber-security portfolio companies include: AVG Technologies (AVG: NYSE), Cognitive Security (CSCO: NASDAQ), OpenDNS (CSCO: NASDAQ), Carbon Black, Onapsis, Security Scorecard, DFLabs, Fortscale among others. For more information, please visit us at evolutionequity.com or connect with us on Twitter @evolutionequity.