Boulder-based LogRhythm has raised $40 million, a funding round that company officials say could vault the security intelligence and compliance firm into position for an eventual initial public offering.

The equity investment, which is LogRhythm's largest round to date, was led by Riverwood Capital and included participation from Piper Jaffray and existing investors Adams Street Partners, Access Venture Partners and members of LogRhythm senior management, company officials announced Tuesday.

Company officials plan to distribute the latest haul in four areas: new product development, market expansion, customer service enhancements and strengthening the balance sheet, said Andy Grolnick, LogRhythm's chief executive officer...

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