Siemplify announced that it has secured $30 million in Series C funding led by Georgian Partners.
Siemplify will use these new funds to drive significant expansion of its global go-to-market strategy, as well as further enhance its market-leading security operations platform. Siemplify’s existing investors – 83North, G20 Ventures and Jump Capital – also participated in the round. The Series C investment brings Siemplify’s total funding to date to $58 million, a testament to the company’s growing dominance in the SOAR space.
This funding round comes amid rapid growth of the SOAR category and on the heels of Siemplify’s market-leading momentum, which includes:
-1,000% year-over-year growth in 2017 and 280% growth in 2018, further outpacing the competition.
-250% growth in annual recurring revenue in the first quarter of 2019.
-Continued success with leading global enterprises, underscored by recent wins with a Fortune 50 logistics giant, a Fortune 100 media and entertainment conglomerate, a Top 20 European bank and a Fortune 100 technology distributor.
-Widening leadership in the managed security service provider (MSSP) segment. Siemplify now serves 24% of the companies featured in the 2018 Gartner Magic Quadrant for Managed Security Services, Worldwide.
Faced with a steady increase in the volume of security alerts, disparate security tools not designed to work together and a global cybersecurity talent shortage, security teams are constantly under pressure to do more with less. Siemplify serves as a 10x force multiplier for security teams: the Siemplify platform is an intuitive workbench that enables them to manage security operations from end to end, automate repetitive tasks and integrate security tools to respond to cyberthreats with speed and precision, while getting smarter with every analyst interaction.
Amos Stern of Siemplify mentioned that their security operations platform alleviates the most pressing pain points faced by security operations teams. This significant investment and expertise from Georgian will allow them to expand their global presence and drive further innovation to make security operations smarter, more efficient and more collaborative.