Expel closes Series D as it prepares for international expansion

Expel, a security operations centre (SOC) service, has secured $50m in its Series D round, as it looks to expand internationally.

Capital from the round will be used to grow its sales and marketing operations, increase investment into its cloud security offering and seek international growth opportunities.

The capital injection was led by CapitalG, the growth investment fund of Alphabet. Additional commitments came from Battery Ventures, Greycroft, Index Ventures, Paladin Capital Group and Scale Venture Partners.

In conjunction with the deal, CapitalG general partner Gene Frantz has joined the Expel board of directors.

Virginia-based Expel, which was founded in 2016, gives customers 24/7 managed detection and response services for cloud, hybrid and on-premises environments.

Expel’s platform replaces alerts with answers using a new approach called transparent managed security. Its analysts use customers’ existing security products to monitor their environment 24×7 and investigate suspicious activity.

When Expel spots an attack, it provides the customer gets answers that explain exactly what to do, including how to fix the root cause of problems that happen over and over again.

CapitalG general partner Gene Frantz said, “Enterprises are under threat from an inexhaustible supply of bad actors seeking to attack them. Companies respond by investing in new security products, which in turn generate a mountain of alerts for their security teams to review. Most enterprises can’t find enough cybersecurity talent to analyse every threat.

“Expel makes it both possible and incredibly simple for enterprises to manage their security needs. With Expel, companies can ‘turn on’ a world-class security operations centre within a few hours.”

The close of the round puts Expel’s total equity raised to $117.5m. Last year, Expel closed its Series C round on $40m from Index Ventures, Battery Ventures, Greycroft, NEA, Paladin Capital Group and Scale Venture Partners.

Copyright © 2020 FinTech Global

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