Copenhagen-based LogPoint, a security information, event management, and big data analytics platform, has completed a $10 million in Series B funding round from Evolution Equity Partners.
LogPoint enables enterprises to monitor their networks and rapidly detect and respond to cybersecurity threats.
The company will use the funding to expand into new markets and to provide for the continuous development of the LogPoint Enterprise SIEM platform.
According to Gartner Research "worldwide spending on information security is expected to reach $90 billion in 2017, an increase of 7.6 per cent over 2016, and to top $113 billion by 2020. Spending on enhancing detection and response capabilities is expected to be a key priority for security buyers through 2020."
"The potential for the LogPoint SIEM platform has grown with lightning speed since we first launched in 2008," said LogPoint founder, Soren Laustrup, in a statement. Today cybersecurity is among the major threats to enterprises, organizations and governments - even nations. It's fueled by the growing awareness, the increasing complexity of cybersecurity challenges and a shortage in cybersecurity professional."
Read more: PR Newswire