Danish funded cybersecurity firm LogPoint has raised $30 million in Series B funding. This round was led by the Germany-based growth equity investor Digital+ Partners with significant participation from existing investors, including Evolution Equity Partners. With the Series B investment, LogPoint has raised a total of $42 million.
“With this Series B capital raise, LogPoint is well-positioned to continue on an ambitious growth journey. We have world-class SIEM and UEBA technology recognised by global customers, partners and leading industry analysts. We have a unique business model and have established a solid presence in the major markets in the U.S and Europe. Now it is time to further expand in our key markets continuing our strong growth in the years to come,” said LogPoint CEO Jesper Zerlang.
With LogPoint's Modern SIEM and UEBA solution, the company addresses an annual market expected by Gartner Research to grow to $5,3bn in 2022.
The LogPoint Modern SIEM solution addresses markets like application security, compliance and threat intelligence, and serves as a platform for MDR providers, effectively tripling the annual addressable market.
“In LogPoint, we’ve identified an ideal combination of technology, intellectual and human capital, and growth potential, which makes the company a perfect fit for our portfolio. Our key focus is supporting global scale-up strategies, and with more than 1000 customers globally, LogPoint is ready to scale,” said Thomas Jetter, Co-founder and Managing Director of Digital+ Partners.
Following the investment, Jetter will join the LogPoint Board of Directors, which includes Evolution Equity Partners Founder and Managing Partner Richard Seewald.
“LogPoint has been defining the evolution of SIEM, moving from next-gen to Modern SIEM, pioneering AI-powered UEBA, Automated Investigation, and native support for the growing MSSP and MDR market. The company has taken meaningful steps to expand from its European home market to the U.S., and will continue to delight customers in these markets,” said Seewald.
“Cybersecurity awareness in Europe has taken a quantum leap in the past years," explains Søren Laustrup, founder and Managing Director at LogPoint Americas.
He added: "In 2017 it was hard to explain the value of a SIEM solution, whereas U.S. enterprises were already replacing legacy SIEM solutions. Today, Cybersecurity awareness is truly global, and SIEM is universally recognised as a cornerstone technology. I am thrilled that we are playing an important part in securing global digital infrastructures.”
LogPoint’s Modern SIEM and UEBA solutions provide the analytics and automation tools that enable customers to securely build, manage and effectively transform their businesses.
LogPoint supports cybersecurity, compliance, IT operations and business analytics. With the recent acquisition of agileSI from Orange Cyberdefense, LogPoint has added security for ERP systems to the portfolio with LogPoint for SAP.
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