Anvilogic, a company offering a multi-data platform SIEM solution, announced the close of a $45 million Series C funding round today. This brings their total funding to $85 million since their founding in 2019.
The round was led by Evolution Equity Partners with participation from existing investors. Anvilogic plans to use the funding to expand its generative AI features and scale up its go-to-market efforts, with an eye on becoming a major player in the competitive Silicon Valley cybersecurity landscape.
In a relative note, Estonian cybersecurity startup BotGuard OÜ raised €12M back in March. Moreover, We also reported about US-based SentinelOne that acquired Indian startup PingSafe valued at $100M.
Challenges of traditional SIEMs
Security Operations Centers (SOCs) face challenges with traditional SIEM solutions. Often, due to high costs, only half of security-relevant data is sent to a SIEM, leaving organisations vulnerable. Additionally, legacy SIEMs struggle to handle the scalability and data storage needs of cloud environments, a major pain point for many Silicon Valley firms.
Anvilogic argues that adopting a data lake approach, like Snowflake, offers a more cost-effective and scalable solution. However, replacing existing SIEMs is often unrealistic for many security teams.
Anvilogic’s multi-data platform approach
Anvilogic’s multi-data platform SIEM decouples security analytics from logging platforms. This allows security teams to continue using their existing SIEM while integrating a data lake for advanced analytics on high-volume data sources. This eliminates the need for a complete SIEM replacement, allowing organisations to leverage the modern data stack without disrupting existing processes.
Customers like Roland Costea, CISO at Enterprise Cloud Services at SAP, highlight the benefits of Anvilogic’s approach. “Anvilogic has been instrumental in automating our security operations and providing this multi-data platform SIEM experience for our analysts,” Costea said.
Generative AI and threat hunting
Anvilogic is also investing in generative AI to further enhance its platform. In March 2023, they released the industry’s first detection engineering copilot. This leverages generative AI to address various detection and investigation use cases across security data lakes. They recently announced the second generation of this copilot, Monte Copilot, which extends functionalities to threat hunting and alert investigation.
“The interest from SOC teams in adopting a data lake strategy to control their legacy SIEM costs continues to grow,” said Karthik Kannan, CEO and founder of Anvilogic. “We can help them modernise their security operations for a growing number of data platforms and use cases.”
What we think about the company
Anvilogic’s funding round and focus on generative AI position them to play a role in the evolving security data lake landscape. The company boasts a clientele that includes large enterprises in banking, airlines, and technology sectors.
They aim to further streamline security operations for SOCs by building out additional generative AI capabilities, all while establishing themselves as a key player in the ever-growing Silicon Valley cybersecurity scene.
