Graylog – a Security Information and Event Management (SIEM) and log management company – recently announced that it has secured $39 million in funding to help continue its significant growth momentum. New investor Silver Lake Waterman and existing investors Piper Sandler Merchant Banking and Harbert Growth Partners led the financing.
For the third quarter of 2023, Graylog reported 67% new booking growth year-to-date compared to the previous year, exceeding the 14.5% predicted SIEM market compound annual growth rate from 2023 to 2030.
The company also attributes its growth to Graylog Security, which is a SIEM solution that helps mid-enterprises improve their ability to detect and respond to cyber threats with advanced security analytics, AI-driven alerting, and threat hunting at scale across cloud, hybrid, and on-premise environments. Graylog Security has generated compelling customer ROI and now represents over 50% of new customers.
The recent market expansion initiatives are also expected to help fuel future growth:
– In July 2023, Graylog entered the API Security market segment by acquiring Resurface.io’s API security platform. Graylog API Security helps customers monitor and defend the increasingly vulnerable API attack surface.
– Graylog has grown its presence in Europe and Asia Pacific by adding personnel and strategic channel partners over the past year.
– Graylog is now available on the AWS Marketplace with plans for more listings in 2024 to streamline procurement for customers worldwide.
The company plans to utilize the new funding to accelerate product development and differentiation, scale global go-to-market operations, and bridge to profitability.
KEY QUOTES:
“The growth we are seeing globally is a response to our team’s focus on innovation, a superior user experience, low total cost of ownership, and strong execution from our Go-To-Market and Customer Success teams. We expect this momentum to continue as Graylog expands its reach and raises its profile in the security market.”
— Andy Grolnick, CEO of Graylog
“Graylog’s solid growth underscores the strength of the extensible Threat Detection & Incident Response platform the team has built to help customers detect and respond to cybersecurity threats and leverage advanced log management for operational effectiveness. We look forward to partnering with Graylog to help enable their continued success.”
— Shawn O’Neill, Managing Director and Group Head of Silver Lake Waterman
“Graylog’s product-led growth model, combined with its focus on customer success, continues to be an attractive combination that bodes well for its future. We’re also excited about Graylog’s expansion into the API Security space to help its customers defend this vulnerable attack surface.”
— Bob Rinek, Managing Director with Piper Sandler Merchant Banking
