Demisto Secures $43 Million Series C Financing Led by Greylock Partners
CUPERTINO, Calif.--(BUSINESS WIRE)--Oct 10, 2018--Demisto, a leader in Security Orchestration, Automation and Response (SOAR) technology, today announced the closing of a $43 million Series C funding round led by Greylock Partners. Demisto will leverage these funds to drive global go-to-market expansion, accelerate adoption and deployment of its industry-leading SOAR platform, and take SOAR well beyond Security Operations Center (SOC) use cases. Additional investors participating in this funding round include early investors Accel Partners, ClearSky Security and others, bringing total funding to date to $69 million.
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Demisto’s founding team. (Photo: Business Wire)
“Demisto is rapidly gaining momentum as the leading security operations platform,” said Sarah Guo, General Partner at Greylock Partners. “We are excited to lead Demisto’s Series C, and look forward to supporting Demisto as it builds an important security company that helps a global customer base get leverage against adversaries.”
Amidst fast-growing adoption of SOAR technologies, this latest investment underscores Demisto’s leadership in enabling security teams to automate incident response across disparate security environments. Demisto’s security orchestration and automation enables standardized, automated, and coordinated response across an organization’s security product stack. Playbooks powered by thousands of security actions make scalable, accelerated incident response a reality.
“Our vision has always been to become the de-facto workbench of the security analyst, providing them with a simplified console that unifies intelligence and actions response at scale,” said Demisto CEO Slavik Markovich. “Demisto has attained significant momentum and built up market share during the last 12 months, and we are quickly building a large global company like no other in our field. We owe our success so far to our customers, for their early adoption, trust, and collaboration towards product development efforts.”
Growing SOAR Adoption Drives Demisto MomentumAccelerated enterprise adoption: After 300% year-over-year customer growth in 2017, Demisto has already acquired more customers in the first half of 2018 than it did during the entirety of 2017. This customer base includes dozens of Fortune 500 companies. Demisto has tripled the size of its customer success team to meet the growth demand. Industry recognition: Demisto was named a 2018 Gartner Cool Vendor in Security Operations and Vulnerability Management. Growing SOAR market: Gartner’s research into the SOAR market projects a rise in enterprise adoption from 1% in 2018 to 15% in 2020. 1
Demisto’s Product Continues to Lead the Security Market
Demisto recently launched v4.0 of its product, expanding the platform into advanced threat hunting, cloud security and more. New features not available in any other SOAR product include: an Investigation Canvas that improves security analysts’ visualization of attack campaigns, end-to-end automation of Amazon Web Services (AWS) cloud security processes and hundreds of other enhancements suggested by existing customers and partners.
Demisto Customer Quotes
“SOAR products occupy a unique place in the security, risk, and privacy landscape because they weave an actionable and operational thread across the incident management, security, and even business process workflows,” said Roland Cloutier, Global Chief Security Officer, ADP. “Business Protection and Assurance Data without action is incomplete, and SOAR tools fill that gap by ingesting aggregated alerts and instantiating workflows that automate security and business actions across the product stack. This frees up analyst time, investigative time, reporting time, and helps security, risk, and privacy teams leverage their existing business protection and management technology investments, ensuring their business is more prepared.”
“Demisto’s automation is the central piece of our security operations,” said Yaron Levi, CISO at Blue Cross Blue Shield, Kansas City. “It’s the hub that connects our security tools operations, alert ingestion, and event correlation before executing response actions to close the incident loop.”
“With Demisto, our SOC team is laser focused on the most complex threats,” said Curtis Simpson, Vice President, Information Security at Sysco Corporation. “By using machine learning suggestions within the platform, our analysts become smarter with every incident as all knowledge acquired is kept within the product for future reference.”
Demisto Enterprise integrates with hundreds of security products and enables organizations to build playbooks for security operations and incident response scenarios. The solution has helped SOC teams reduce the number of alerts requiring human review by as much as 95 percent. Demisto Enterprise also solves the ever-growing problem of product fatigue – where analysts need to learn more and more products to mitigate threats throughout their infrastructure. By working in a platform that integrates with all major security products such as Security Information and Event Management (SIEM), network security, threat intelligence tools, and endpoint solutions, Demisto provides comprehensive and accelerated incident response. For more information, visit www.demisto.com.
Demisto is the only Security Orchestration, Automation and Response (SOAR) Platform that combines orchestration, incident management and interactive investigation into a seamless experience. Demisto’s orchestration engine automates security product tasks and weaves in human analyst tasks and workflows. Demisto Enterprise, powered by its machine learning technology, acquires knowledge from the real-life analyst interactions and past investigations to help SOC teams with analyst assignment suggestions, playbook enhancements, and best next steps for investigations. The platform (and you) get smarter with every analyst action. For more information, visit www.demisto.com or email email@example.com.
Note 1 – Gartner, “Innovation Insight for Security Orchestration, Automation and Response,” Claudio Neiva et al, Nov. 30, 2017.
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PUB: 10/10/2018 08:00 AM/DISC: 10/10/2018 08:01 AM