Graylog, a company specializing in Security Information and Event Management (SIEM) and log management, has secured $39 million in funding to support its ongoing growth. The investment was led by new investor Silver Lake Waterman, along with participation from existing investors Piper Sandler Merchant Banking and Harbert Growth Partners.
Graylog reported impressive growth in the third quarter of 2023, with a 67% increase in new bookings year-to-date compared to the previous year. This growth significantly surpasses the predicted 14.5% compound annual growth rate for the SIEM market from 2023 to 2030.
CEO of Graylog, Andy Grolnick, attributed the company's success to its commitment to innovation, providing an excellent user experience, maintaining a low total cost of ownership, and the strong performance of its Go-To-Market and Customer Success teams.
Graylog Security, a SIEM solution aimed at mid-sized enterprises, played a significant role in the company's growth. The solution offers advanced security analytics, AI-driven alerting, and threat hunting capabilities across various environments, including cloud, hybrid, and on-premises.
Graylog's entry into the API Security market segment, achieved through the acquisition of Resurface.io's API security platform in July 2023, has expanded its portfolio and contributed to its growth. The company has also expanded its presence in Europe and the Asia Pacific and made its services available on the AWS Marketplace.
The funding will be used to further enhance product development, strengthen global go-to-market operations, and work towards profitability. Graylog's growth trajectory and strategic expansions position it well for continued success in the security market.