Cybersecurity startup Exabeam raises $200 mln, valued at $2.4 bln

Exabeam, a Silicon Valley startup that helps companies automate the analysis and monitoring of their cybersecurity data, on Tuesday said it raised $200 million in its latest round of funding which valued the company at $2.4 billion.

While venture capital investment in cybersecurity has been rising fast over the years, it got an extra boost during the pandemic as remote work created extra challenges.

According to data firm PitchBook, venture funding in cybersecurity hit a record $10.2 billion in 2020 and as of late May 2021 had already reached $8 billion. A bulk of the funding is happening with U.S. startups.

The number of applications like firewalls, identification verification and network security analysis that companies use are mushrooming, making it more and more difficult for them manage their cybersecurity.