Security analysts face an overload of security alerts to investigate, making it difficult to know which ones to pay attention to. Siemplify, a startup launched in 2015, through its Security Orchestration, Automation and Response platform helps cybersecurity teams manage this daunting task. Already trusted by Fortune 500 companies, the company’s patented technology takes previously disparate information and centralizes it, allowing security analysts to manage threats and overall security in real time, in situations where a matter of seconds can have serious consequences for a business.
AlleyWatch spoke with cofounder and CEO Amos Stern about its recent funding round, bringing the total funding amount to $58M through six rounds.
Who were your investors and how much did you raise?
We raised $30M in Series C funding. The lead investor was Georgian Partners, our existing investors, 83North, G20 Ventures, and Jump Capital also participated in the round.
We provide a Security Orchestration, Automation and Response (SOAR) platform that helps cybersecurity teams work more effectively and investigate and respond to cyberthreats with speed and precision.
We address the some of the most critical cybersecurity challenges today – an overload of security alerts to investigate, manual processes across disjointed tools, and a global cybersecurity skills shortage which forces security teams to do more with less.
What inspired you to start Siemplify?
I have built and run security operations centers (SOCs) as part of my service in the Israeli Defense Forces and also trained SOCs around the globe. By observing how cybersecurity teams respond to cyberthreats, it became very clear to me that the way security analysts operate was broken and ready for innovation.
How is Siemplify different?
Siemplify was built with the security analyst in mind and uses patented technology to provide an intuitive experience that really mirrors how security analysts think. With context at their fingertips, security teams are able to make better and faster decisions on our platform.
In your opinion, what are the biggest security threats facing companies today that are not being widely addressed?
Truth be told, many of the successful breaches out there employ well-known exploits and tactics. Attackers, for the most part, are not forced to be extremely innovative. The challenge starts with being able to process the huge amounts of alerts and efficiently and effectively assess and respond to them, all while we are in a critical shortage of qualified security personnel.
What market does Siemplify target and how big is it?
We target mid to large enterprises as well as security service providers of all sizes. The market for SOAR is growing at over 100% YoY with no end in sight.
What’s your business model?
We sell annual subscriptions for users of our platform.
What factors about your business led your investors to write the check?
We have posted phenomenal growth rate – in 2017 we grew 1000%.
We are serving some of the worlds largest companies and service providers, including Fortune 100 firms. There is a unique opportunity now in this market.
What are the milestones you plan to achieve in the next six months?
We are expanding our partnerships with all leading security vendors and significantly grow our channel partner program.
We also plan to expand our global presence and penetrate new markets as well as continuing to innovate in making our platform smarter and more powerful for our customers.
What’s your favorite restaurant in the city?
As someone who was born and raised in Israel, the newly opened Miznon has some great Israeli food.