Exabeam, the next-gen security information and event management company, today announced that it has closed $50 million in Series D funding. The round, backed entirely by existing investors, was led by Lightspeed Venture Partners and supported by Aspect Ventures, Cisco Investments, Icon Ventures, Norwest Venture Partners and cybersecurity investor Shlomo Kramer. The funds will be used to grow the company’s cloud portfolio, as well as sales and channels to expedite global expansion.

The complexities in securing modern digital businesses, along with the increase in sophistication of malicious threats and cybercrime, are fueling growth in the security information and event management (SIEM) market, which is expected to hit $4.54 billion in 2019.* Historically dominated by a handful of providers, in recent years, the market has shifted to platforms that can support the massive data volumes generated by cloud applications and mobile device use.