LogRhythm says that most organizations understand that if they have not already been breached, it is only a matter of time.
Boulder-based LogRhythm announced Tuesday that it has secured a $40 million in funding, led by Riverwood Capital. Existing investors Adams Street Partners and Access Venture Partners in Westiminster also participated in the round.
The IT security company said it will use the new funds on product development, sales and marketing and customer service. The new round takes its total funding to $71 million.
LogRhythm employs 300 and plans to add another 50 positions in the next year.
“LogRhythm is thriving in the security intelligence market on several fronts and has accelerated growth over the last year,” said Jeff Parks, founding partner of Riverwood Capital, in a statement.
LogRhythm CEO Andy Grolnick said the company’s security products allow clients to detect threats sooner.
“Our advanced security analytics automate focus on the highest priority events, enabling security professionals to target resources and respond to the areas of greatest potential impact,” he said.
