Anvilogic Inc., a startup with a cloud platform designed to reduce manual labor for enterprise cybersecurity teams, today announced it has raised $25 million in new funding.
Investment firm Neuberger Berman led the Series B funding round. Xerox Ventures, G Squared, Foundation Capital, Point72 Ventures and Matterhorn Ventures also participated, bringing Anvilogic’s total external funding to $40 million.
In large enterprises, cybersecurity tasks are handled by a unit commonly referred to as the security operations center team. The SOC team monitors the corporate network for signs of malicious activity and fixes vulnerabilities. These teams often use more than dozens of cybersecurity tools to detect and block cyberattacks.
Ensuring that a SOC team’s cybersecurity tools are working reliably requires a lot of manual maintenance work. Anvilogic, based in Palo Alto, Calif., provides a platform that automates the manual work of SOC teams and promises to reduce process costs.
SOC teams detect hacking attempts by collecting data from the corporate network and analyzing the data for signs of malicious activity. To effectively detect threats, cybersecurity professionals must ensure that the data they use to detect malicious activity is reliable.
Anvilogic’s platform promises to streamline the task. It evaluates the data collected by a SOC team and indicates areas for improvement. The platform can, for example, detect if a SOC team is not collecting data on an important system that should be monitored more closely for hacking attempts. Similarly, Anvilogic can highlight cases where a company collects data on a system but the amount of information collected is insufficient.
The platform uses the information it collects about a SOC team’s data collection efforts to produce a score ranging from 0 to 100. This score, which also takes into account other technical details, measures the efficiency of a company’s SOC operations. Cybersecurity professionals can consult it to determine if there are areas for improvement.
Besides data management, another time-consuming part of the work of SOC teams is the deployment of threat detection algorithms. Hackers often reuse cyberattack tactics in hacking campaigns. To help detect vulnerabilities, SOC teams deploy algorithms that can automatically detect malicious activity and provide insight into the cyberattack tactics used in each given hacking attempt.
Implementing threat detection algorithms can take weeks and often involves adding custom code to a SOC team’s cybersecurity tools. According to Anvilogic, its platform speeds up the task. The platform includes pre-packaged threat detection algorithms that can be implemented quickly, as well as a machine learning tool that can recommend which algorithms a company should deploy first.
“Security analysts face more than just an abundance of alerts,” said Anvilogic Founder and CEO Karthik Kanan. “They are consistently behind when it comes to developing high-efficiency detections that are challenging not only because of the ever-increasing complexity of attacks, but also because of the skills required to program and implement detection algorithms. correlated detection.”
Cybersecurity logs used by threat detection algorithms to spot vulnerabilities can take up a significant amount of storage capacity. Therefore, the costs associated with storing logs and other cybersecurity information are often significant. Anvilogic’s platform includes features that move security information to Snowflake Inc.’s cloud data platform, which the startup says can help customers cut costs by more than 50% .
PayPal Holdings Inc., eBay Inc. and Rubrik Inc. are among the customers using the Anvilogic platform. The company said today’s round will help it increase its presence in the market. Anvilogic plans to invest in new feature development, go-to-market initiatives and its partner ecosystem.