Siemplify, a New York and Tel Aviv security orchestration platform provider, today announced that it’s secured $30 million in series C funding led by Georgian Partners, with participation from existing investors 83North, G20 Ventures, and Jump Capital. It comes after three blockbuster years for the company, which notched 1,000% year-over-year growth in 2017, 280% growth in 2018, and 250% growth in annual recurring revenue in Q1 2019. That’s in addition to a 532% and 350% increase in customer bookings and customer base, respectively, in the first half of 2018.
The influx of funds brings Siemplify’s total raised to $58 million, following a $14 million series B round in July 2018, and CEO Amos Stern says it’ll be used to expand global the firm’s go-to-market strategy and further enhance its security operations tools.
“Our … platform alleviates the most pressing pain points faced by security operations teams,” said Stern, who cofounded Siemplify with Alon Cohen and Garry Fatakhov in 2015. “This significant investment and expertise from Georgian will allow us to expand our global presence and drive further innovation to make security operations smarter, more efficient, and more collaborative. And as we continue our journey, nothing makes us more grateful than working alongside and solving challenges for the people to whom we owe our success: our customers and partners.”
Siemplify’s product combines security automation and response with robust management tools. It prioritizes threats and slots them into a queue, automatically grouping related alerts across detection tools. From this queue, managers can escalate cases to higher tiers or assign them to team members, or hop into an SMS-like room to chat things out.
From within Siemplify’s cloud workbench, teams can create customizable and repeatable processes that orchestrate security utilities from McAfee, Symantec, Splunk, Carbon Black, Micro Focus, VirusTotal, and other vendors with a drag-and-drop builder or a built-in Python IDE, or tap a prebuilt library of over 80 automations (“playbooks,” in Siemplify’s parlance). A running log of these automations’ actions — accompanied by interactions among team members — lives in a searchable, readily auditable, and persistent repository.
Siemplify’s visualizations surface key details about security incidents and related entities, leveraging a contextual engine. And its AI-informed recommendations — which leverage historical data to improve over time — match emerging threats with skilled analysts. They complement reporting tools that track KPIs and a template engine that optionally sends tailored, executive-level reports on a defined schedule.
Siemplify claims that its clients — which include a Fortune 50 logistics giant, a Fortune 100 media and entertainment conglomerate, a Top 20 European bank and a Fortune 100 technology distributor — see an 80% reduction in caseload and 300% increase in caseload capacity on average. “[The company] is rapidly solidifying its position as the leading independent SOAR provider, with a differentiated offering and a clear vision of enabling organizations to manage security operations from end to end,” said Georgian Partners partner Steve Leightell. “We are excited to lead the series C funding round and to support Siemplify as it continues its fast growth.”