Growth Round to Support Generative AI Use Case Expansion Across the Security Operations Center (SOC) Lifecycle Further Enabling Teams to Detect, Hunt, and Investigate Threats Across the Data Platforms They Choose
PALO ALTO, CA / ACCESSWIRE / April 17, 2024 / Anvilogic, the industry's first multi-data platform SIEM, today announced the close of a $45 million Series C funding round, bringing its total funding to date to $85 million since its founding in 2019. The round was led by Evolution Equity Partners, with participation from existing investors Foundation Capital, Cervin Ventures, Myriad Ventures, Point72 Ventures, Outpost Ventures, Stepstone Group, and G Squared. Capitalizing on its strong market traction, Anvilogic will use the funding to expand its generative AI features for additional use cases across the entire Security Operations Center (SOC) lifecycle and scale up its go-to-market efforts.
"Anvilogic's solution helps security teams reduce risk while cutting SIEM costs. Its innovative multi-data platform approach is a game changer for SOCs that want to adopt a modern security analytics platform that scales across diverse data lakes and without having to rip-and-replace their monolithic SIEM," said Karthik Subramanian, General Partner, Evolution Equity Partners. "The team, technology, continued explosion of data, particularly from the adoption of AI, and the significant value delivered to customers made it an easy decision for us to invest. We're excited to support the journey and unique vision."
Often, only half of security-relevant data gets sent to a traditional SIEM due to the high cost. Data that does not get sent to the SIEM is unavailable for threat detection, which causes risk to the business. This leaves security operations teams struggling to detect high-risk threats in their environment while simultaneously managing spiraling SIEM licensing costs. As enterprises shift more workloads to the cloud, where infrastructure requires massive scalability and data storage, this compounds the issue.
Further, the rapid adoption of cloud apps and services makes cloud threat detection a challenge for legacy SIEMs, who often lack the ability to correlate detections across multi-cloud and on-prem environments. Adopting a more scalable data platform, like Snowflake, is up to 80% more cost-effective and could address these challenges. However, ripping and replacing the organization's longtime SIEM is unrealistic for many security teams.
Quadrupling its growth since its Series B in 2022 by helping dozens of customers break the SIEM lock-in that drives detection gaps and high costs for enterprise SOCs, Anvilogic decouples security analytics from logging platforms. This allows detection engineers and threat hunters to keep using their existing SIEM while seamlessly adopting a scalable and cost-effective data lake for high-volume data sources and advanced analytics use cases. By eliminating the need for rip-and-replace, Anvilogic allows security leaders to confidently join the rest of the enterprise on the modern data stack, saving millions without disrupting existing processes.
"We're in an era where data is the new oil. We're generating it at an unprecedented rate, and, consequently, the cost pressure on our Security Information and Event Management (SIEM) systems is increasing exponentially," said Roland Costea, CISO, Enterprise Cloud Services at SAP. "This is the dawn of a new SIEM era where cost-effective, scalable data lakes are the nerve centers of our security architecture. An era where we run security analytics on top of our data where it resides. Anvilogic has been instrumental in automating our security operations and providing this multi-data platform SIEM experience for our analysts."
Building on its predictive AI capabilities, Anvilogic released the industry's first detection engineering copilot in March 2023, leveraging generative AI to address a wide variety of detection and investigation use cases across security data lakes. The goal was to enable enterprise SOC teams to make a smooth transition into data lake adoption with the help of use cases like log source classifiers and recommendations for detection, as well as query code generation.
Today, Anvilogic is announcing the second generation of its copilot, Monte Copilot, which is now available for beta. Monte Copilot extends these capabilities to threat hunting and alert investigation to help accelerate analysts' workflows. Anvilogic's unique approach to addressing these use cases takes full advantage of the model training and inferencing capabilities provided by modern data platforms such as Snowflake, combined with our content-rich detection armory and domain-specific data models.
"The interest from SOC teams in adopting a data lake strategy to control their legacy SIEM costs continues to grow. Next-generation SIEMs on the market today force a rip-and-replace of the customer's existing SIEM investment, which is a non-starter for most security teams. As enterprises look for new ways to cut costs while closing detection gaps across hybrid and multi-cloud environments, we can help them modernize their security operations for a growing number of data platforms and use cases," said Karthik Kannan, CEO and founder of Anvilogic. "To raise this growth round at this moment in time is a validation of our multi-data platform approach and success in the enterprise market. We look forward to further streamlining operations for the SOC as we continue building out additional generative AI capabilities."
Anvilogic was founded by Karthik Kannan, serial entrepreneur and former head of Splunk's Security Analytics business, and Deb Banerjee, former VP and Chief Architect at Proofpoint and Symantec. Anvilogic has dozens of enterprise customers, a third of which are Fortune 500s. Security operations teams at banks, airlines, and large tech companies use Anvilogic's modular detection engine, thousands of curated threat scenarios, and SOC copilot to improve detection coverage and save millions of dollars.
About Anvilogic
Anvilogic breaks the SIEM lock-in that drives detection gaps and high costs for enterprise SOCs. It enables detection engineers and threat hunters to keep using their existing SIEM while seamlessly adopting a scalable and cost-effective data lake for high-volume data sources and advanced analytics use cases. By eliminating the need for rip-and-replace, Anvilogic allows security leaders to confidently join the rest of the enterprise on the modern data stack without disrupting existing processes. Security operations teams at banks, airlines, and large tech companies use Anvilogic's modular detection engine, thousands of curated threat scenarios, and AI security copilot to detect threats at scale and save millions of dollars. Learn more at www.anvilogic.com and follow us on LinkedIn.
About Evolution Equity Partners
Evolution Equity Partners, based in New York City, Palo Alto, London and Zurich, makes investments in rapidly growing cybersecurity software companies that safeguard our digital world. The firm was founded by investor and technology entrepreneurs Richard Seewald and Dennis Smith, who manage and lead the firm and its partners have been involved as founders, investors and as senior operating executives in leading software companies around the world. Evolution currently has over $2 billion of assets under management in a growing portfolio of market leading companies. Learn more at www.evolutionequity.com and follow us at LinkedIn and Twitter.
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SOURCE: Anvilogic