Security firm LogRhythm lands $15m investment

Cyber security and compliance firm LogRhythm has secured $15m investment funding for product innovation and international expansion.

The funding round was led by Siemens' Venture Capital group, with participation from existing investors Adams Street Partners and Grotech Ventures.

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Adams Street Partners is a global private equity investment management firm and Grotech Ventures is a leading early investor in high-potential technology companies.

"The partnership with Siemens' Venture Capital group provides the opportunity to collaborate in several of the key vertical markets that LogRhythm and Siemens both target, including healthcare and critical infrastructure," said Andy Grolnick, president and CEO of LogRhythm.

"Network attacks and breaches are increasingly driving organisations to employ more advanced detection and response capabilities. There is also a rapidly growing demand for solutions that help organisations tap 'big data' for enhanced security, operations and business intelligence," Grolnick said.

Ralf Schnell, CEO of Siemens' Venture Capital group, said the market for security information and event management (SIEM) technologies is growing faster than ever before, as cyber threats increase in volume and sophistication at alarming rates.

"LogRhythm is well-positioned for long-term growth with its award-winning SIEM 2.0 platform. We're thrilled to be a strategic partner in this business," he said.

Positioned as a leader in Gartner's 2012 SIEM Magic Quadrant, LogRhythm's SIEM platform is designed to provide the visibility and insight needed to detect, defend against and respond to increasingly sophisticated cyber threats; to meet compliance requirements; and to respond proactively to operational challenges.