Siemplify raises $14 million as market for security orchestration accelerates
Siemplify announced it raised $14 million in Series B funding to further capitalize on SOAR market demand. This brings Siemplify’s total amount raised to $28 million. The funding round was led by Jump Capital, who was joined by the company’s existing investors G20 Ventures and 83North. Jump Capital Partner Saurabh Sharma will join the company’s Board of Directors.
The funds will be used to further strengthen Siemplify’s position as a SOAR market leader through increased investments in sales and marketing as well as continued product innovation and customer success.
Enterprise and MSSP security teams working to keep up with the shifting threat landscape while improving efficiency and consistency are barraged by alerts from a growing array of disparate security point tools.
To help human beings separate attention-worthy signals from the din of distracting noise, SOAR enables the management of cybersecurity tools – including SIEM, endpoint protection, threat intelligence and more – through a single platform that helps security operations teams respond to threats.
Siemplify’s analyst workbench and approach in the industry, provide security operations teams with the depth of information they need to conduct investigations.
“Siemplify goes beyond orchestration and automation to provide a complete SOC platform that delivers insights to SOC managers and faster answers to security analysts,” said Amos Stern, co-founder and CEO, Siemplify.
“This funding further validates our approach and will allow us to help even more customers around the globe to streamline and simplify their security operations.”
According to Gartner’s Innovation Insight for Security Orchestration, Automation and Response (Nov 2017), by year-end 2020, 15% of organizations with a security team larger than five people will leverage SOAR tools for orchestration and automation reasons, up from less than 1% today. This proves to us SOAR is important tool security teams can have in their arsenal.
“Siemplify truly lives up to its name, simplifying security operations by uniting security teams, tools and processes, and providing the clarity needed to act decisively and quickly,” said Saurabh Sharma, partner, Jump Capital.
“We are thrilled to be part of Siemplify’s journey as it continues to grow into a category leader.”
Capitalizing on the momentum in the SOAR space, Siemplify is on track for exponential growth in 2018, with a 532% year-over-year increase in customer bookings and 350% growth in its customer base in the first half of 2018.
Recent wins include a global MSSP, a consumer packaged goods company and a Forbes global 500 telecommunications company.