Cybersecurity startup Devo Inc. announced today that it has raised $60 million in new funding to accelerate its growth plans and has also appointed a new chief executive to lead the effort.
Funding was provided by well-known venture capital firms Georgian Partners, Bessemer Venture Partners and Insight Partners. The new CEO is IBM Corp. veteran Marc van Zadelhoff, credited with co-founding the company’s multibillion-dollar cybersecurity division, IBM Security. He also served as the unit’s general manager.
Based in Cambridge, Massachusetts, Devo provides a SIEM platform used by organizations such as Accenture plc and the US Air Force to support their cybersecurity operations. SIEM stands for Security Information and Event Management and is a category of software tools designed to detect security breaches in large networks. SIEM platforms aggregate alerts generated by an organization’s various security tools into a central data lake, allowing administrators to scan those alerts for suspicious activity.
Centralizing operations in this way makes life easier for administrators because they don’t have to switch between different tools. But there are still challenges that Devo says can be addressed with its platform.
A common challenge is data retention. In large organizations, the internal SIEM platform often accumulates so many alerts that they need to be discarded every few weeks to avoid running out of disk space, which can result in the loss of important security information.
To solve this problem, Devo deploys its SIEM as a cloud service, allowing organizations to store alerts for years. The startup says the more complete dataset gives admins a clearer picture of hacking activity when investigating security breaches.
Devo also provides integrated artificial intelligence development tools that enable organizations to deploy threat detection models on its SIEM platform. For common use cases, the startup offers pre-built neural networks that companies can customize by training them on their internal security alerts. For more sophisticated organizations looking to build threat hunting models from scratch, Devo provides a component called Devo Server that allows custom neural networks to run as Docker containers.
The startup says strong demand for its platform boosted second-quarter revenue by more than 80% year over year, though it didn’t announce specific revenue levels. Devo’s customer base grew by 48% over the same period.
With the new funding, the startup plans to grow its U.S. workforce by 25% by the end of 2020 and grow “every aspect of the business.”