Exabeam raises $200m

Silicon Valley start-up Exabeam has raised $200 million in its latest round of funding, valuing the company at $2.4 billion.

The company automates the analysis and monitoring of cybersecurity data for businesses.

According to PitchBook, venture funding in cybersecurity hit $10.2 billion last year and has already reached $8 billion this year.

Reuters said that the number of applications like firewalls, identification verification and network security analysis that companies use are increasing significantly, making it harder for businesses to manage their cybersecurity.

“All of those things become blinking engine lights for a security operations centre to have to contend with, and the volume of devices that's coming on in the world...is only making that problem bigger and bigger,” Michael DeCesare, the new chief executive Exabeam, told the news agency on Tuesday.

Exabeam co-founder Nir Polak said that automation of cybersecurity is crucial while hacking attacks are on the rise.

“One of the biggest problems you have in security is the lack of talent. You don't have enough people,” he explained to Reuters.

The funding round was led by the Owl Rock division of Blue Owl Capital, an asset management firm with over $52 billion under management.

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