Cybersecurity Company Expel Announces $50 Million in Series D Financing
New investment led by CapitalG will fund growing operations and expand detection and monitoring for Amazon Web Services (AWS), Google Cloud Platform and Microsoft Azure
Herndon, Va. – May 13, 2020 – Expel1, the Security Operations Center (SOC)-as-a-service provider that’s committed to making security as accessible as the internet, announced today that it secured $50 Million in Series D funding led by CapitalG, Alphabet’s independent growth fund. The financing round also includes participation from existing investors: Battery Ventures, Greycroft, Index Ventures, Paladin Capital Group and Scale Venture Partners. Gene Frantz, general partner at CapitalG, will join Expel’s board of directors. Since its inception in 2016, Expel has secured a combined total of $117.5 million in financing.
Expel’s “BYO tech” SOC-as-a-service approach gives customers 24x7 managed detection and response (MDR) for cloud, hybrid and on-premises environments. Customers get more value out of the security tools they already own because Expel has 40+ native integrations with the most commonly used endpoint, network, SIEM tools, cloud services and SaaS applications. Expel connects to customer tech through APIs, not agents. This means customers can install and activate the service remotely in a matter of hours so internal teams can focus on the initiatives most important to their business.
“Enterprises are under threat from an inexhaustible supply of bad actors seeking to attack them. Companies respond by investing in new security products, which in turn generate a mountain of alerts for their security teams to review. Most enterprises can’t find enough cybersecurity talent to analyze every threat,” said Gene Frantz, general partner at CapitalG. “Expel makes it both possible and incredibly simple for enterprises to manage their security needs. With Expel, companies can ‘turn on’ a world-class security operations center within a few hours.”
“As we set out to create Expel, we wanted to build something that would let security teams everywhere stop playing a game of alert whack-a-mole and focus on managing the risks unique to their business,” said Dave Merkel, CEO of Expel. “Now more than ever, CISOs deserve a security partner that not only helps them reduce their organization’s risk, but gives them more space to focus on other things.”
Expel will use the new funding to grow its sales and marketing operations, further invest its rapidly growing cloud security offerings and explore international growth opportunities.
To learn more about Expel:
About CapitalG, Alphabet’s independent growth fund
CapitalG helps remarkable entrepreneurs leading transformational companies accelerate the growth of their businesses. We partner with entrepreneurs as they navigate the challenges of scaling by connecting them to the latest technology and brightest minds at Alphabet. CapitalG is proud to have worked with many of the most consequential technology companies of the decade, such as Stripe, Credit Karma, CrowdStrike, and more. Learn more at https://capitalg.com/
1Editor’s note: The following buzzwords were banned from this press release in no particular order: market-leading, next-generation, military-grade intelligence, artificial intelligence, leveraging, powerful, platform, scalable, robust, changing threat landscape, end-to-end, actionable, AI, real-time, machine learning, state-of-the-art, best-of-breed, elite, continuous and purpose-built. We did, however, wax eloquently about “growth opportunities.” Sorry about that.