(CSIA Note: Congratulations to LogRhythm who won Technology Product of the Year at our 2009 Apex Awards event!)
BOULDER - LogRhythm Inc., a Boulder-based company that makes software that monitors data generated from security networks, announced Wednesday it has closed on a $10 million Series C funding round.
LogRhythm also announced private equity firm Adams Street Partners, a global firm which has offices in Chicago and Menlo Park, California, has joined the company's roster of investors. The $10 million investment adds to the $6.5 million LogRhythm raised in 2007 and 2009, chief executive Andy Grolnick said.
LogRhythm develops products for security information and event management. Its products analyze the activity logs generated by computer security systems to find unusual behavior and activity that could indicate a security breach or potential vulnerability.
The money will be used to pay for the company's international expansion, expand product development and build out its service and support infrastructure.
LogRhythm already has hired about 20 new employees in the past two months as part of the expansion effort, Grolnick said.
LogRhythm has about 120 employees worldwide, with 80 to 90 based in the Boulder and the greater Denver area, Grolnick said. The company moved to Boulder in 2005 after being launched in the Washington, D.C. area in 2003, Grolnick said.
LogRhythm is privately held and does not disclose financial information, but the company has tripled its customer base and revenue in the past two years, Grolnick said. The company's client base numbers in the hundreds and includes government agencies, major defense contractors and international financial firms.