EDBI invests in LogRhythm to help enterprises detect and neutralise cyber threats

LogRhythm helps organisations to reduce the time to detect and respond to cyber threats that have penetrated the enterprise perimeter or originated from within

Less than a week after injecting money into RetailNext, EDBI — the VC investment arm of Singapore Economic Development Board — has made another equity investment in US-based security intelligence company LogRhythm, which has raised a total of US$50 million from this round.

The round was led by existing investor Riverwood Capital, which also saw participation from Adams Street Partners, Siemens Venture Capital and Delta-v Capital, besides the members of the LogRhythm management team.

Exclusive Ventures, the investment affiliate of Exclusive Networks (LogRhythm’s distributor in the EMEA region), and Silver Lake’s late stage-growth fund Silver Lake Waterman also contributed.

Boulder (Colorado)-headquartered LogRhythm will use the capital to expand its global presence, invest in innovation and strengthen the balance sheet, it said in a statement.

LogRhythm’s unified security intelligence and analytics platform automates the detection, prioritisation and neutralisation of cyber threats. With its solution, organisations can significantly reduce the time to detect and respond to cyber threats that have penetrated the enterprise perimeter or originated from within.

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Additionally, LogRhythm provides compliance automation and assurance, and enhanced IT intelligence.

LogRhythm has operations throughout North and South America, Europe and Asia Pacific.

“As a recognised leader in its field, LogRhythm is well placed to address the rapidly growing cybersecurity market,” said Chu Swee Yeok, CEO and President of EDBI. “Its powerful security analytics and intelligence platform enables companies to quickly detect and respond to cyber threats thereby augmenting and boosting cybersecurity resilience. EDBI looks forward to supporting the company in Singapore to advance their global solutions in Asia.”

Andy Grolnick, President and CEO of LogRhythm, said: “Organisations around the world recognise that advanced detection and response capabilities need to be at the core of their cyber security strategies, and IT security budgets continue to shift in this direction from a traditionally prevention-centric set of priorities. LogRhythm has a tremendous opportunity ahead, as we become the platform of choice for powering customers’ next-generation security operation centres.”

Also Read: Why you need to talk to your team about data security

EDBI, with over 25 years of experience, invests in knowledge- and innovation-intensive sectors covering smart & sustainable technology (SST), biomedical sciences and ICT. It is also interested in frontier technologies like IoT, robotics, augmented/virtual reality and artificial intelligence.

So far, EDBI has invested in a total of 35 companies across the US and Asia.

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