Managed detection and response (MDR) provider Expel on Thursday announced raising $140.3 million in a Series E funding round.
Founded in 2016, the company has raised nearly $258 million in total and it’s now valued at more than $1 billion, earning it “unicorn” status.
The Series E funding round was led by CapitalG and Paladin Capital Group, with participation from Cisco Investments, March Capital, Index Ventures, Scale Venture Partners, and Greycroft.
The money will be used to improve the company’s product, fuel sales and go-to-market initiatives, expand partner relationships, and accelerate its international expansion.
Expel provides a 24×7 managed detection and response for cloud, hybrid and on-premises environments.
Expel leverages the data collected by third-party endpoint, SIEM, network and cloud products, and its analysts investigate alerts and monitor the customer’s environment for potential problems. Customers are then alerted to important issues and provided with information on how those issues and their root cause can be addressed.
“These past two years have presented unique challenges that, I think it’s safe to say, most of us couldn’t have anticipated,” said Dave Merkel, CEO of Expel. “Yet, during this time we scaled our platform to handle an 82 percent increase in security events a day, doubled the number of technology partners and more than doubled the number of security investigations. Our investment in automation improved our analyst effectiveness by 260 percent and helped us achieve an 80+ NPS rating.”
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