CUPERTINO, Calif.--(BUSINESS WIRE)--Demisto, Inc., an innovator in Security Operations technology, today announced that it has closed its $20 million Series B round of funding. As a part of this round, the company also announced the appointment of ClearSky Managing Director Jay Leek to its Board of Directors. Round participants also included Accel, Slack Fund and other strategic investors.
The funds will be used to expand operations to accelerate new product innovation and customer rollouts, and ramp sales and marketing to meet growing global demand for incident response management, automation, and real-time collaboration across security teams. Today’s funding brings the company’s total funding to $26 million.
“Demisto was built to make security analysts’ lives easier with its combined incident response case management and security orchestration platform, which is unrivaled in the industry,” said Slavik Markovich, CEO of Demisto. “This new funding is a testament to the tremendous and unbelievably fast growth we’ve already experienced, in less than a year since we first launched our product. We are also excited to add security visionary Jay Leek to our Board of Directors, and we will leverage his exceptional leadership and guidance as we grow our business.”
According to a recent report published by MarketsandMarkets, the incident response market size is estimated to grow from USD $13.09 Billion in 2016 to USD $30.29 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.3 percent. In 2016 Demisto saw rapid adoption of its incident response solution due to expanding market demand and a significant partner ecosystem which now includes more than 100 integration partners.
“Demisto simplifies the way enterprises manage incident response with its automated and collaborative incident response platform that delivers unprecedented insight and resolution into complex threats,” said Jay Leek, managing director at ClearSky and former CISO of Blackstone. “I have been involved in this space for a long time, and I believe Demisto has the most comprehensive solution by combining automation and collaboration into a unified platform for security teams, and is positioned well to become a leader in the security industry.”
Demisto also announced today general availability of Demisto Enterprise 2.0, making Demisto Enterprise the industry’s first comprehensive incident management platform to offer integrated threat intelligence. The new capabilities enable customers to integrate leading threat feeds with Demisto to manage indicators and automate threat hunting operations, saving time and significantly reducing the risk of exposure.
“Demisto is uniquely positioned to be the first true security system of record for the actions taken by incident responders,” said Jake Flomenberg, Partner at Accel. “This new investment will help the company further accelerate its efforts to achieve this vision and increase the productivity of IR teams everywhere. We are excited to have Jay join us in this journey and look forward to exciting times ahead.”
Demisto helps Security Operations Centers increase efficiency, improve incident response times and processes. Demisto Enterprise combines security orchestration, collaboration and threat management to reduce manual work and provide decision support for SOC analysts. At the heart of Demisto’s technology is DBot, a security chatbot that is integrated with dozens of products and understands hundreds of security commands. Demisto is backed by Accel and other prominent investors and has offices in Silicon Valley and Tel Aviv. For more information, visit www.demisto.com or email firstname.lastname@example.org.
Demisto is a registered trademark of Demisto in the United States and other countries. All other company and product names are either trademarks or registered trademarks of their respective companies.