The round also received financial backing from existing investors Adara Venture Partners and Neotec.
AlienVault’s flagship product is OSSIM, an open source SIEM (Security Information and Event Management) platform that has more than 160,000 downloads and users in 80 countries. Customers include defence departments, government organisations, banks and businesses.
The SIEM market is growing at 21.9 per cent CAGR and on track to surpass $2.3bn by 2014, according to global investment banking and asset management firm William Blair & Co.
The funding will be used to accelerate research and development and expand sales and marketing to meet increasing global demand for unified security management, the company said in a statement. The company has achieved 150 per cent year-over-year revenue growth.
J Alberto Yepez, a managing director at Trident and board chairman of AlienVault, said, “The SIEM market is the fastest growing segment in information security and AlienVault’s OSSIM is the leading open source SIEM. AlienVault is uniquely positioned to expand its leadership in a global market that wants proven, cost-effective solutions that provide a unified management approach to their security requirements.”
In September last year Trident also backed an $18.6m funding round for US telehealth provider Teladoc, which was led by venture capital heavyweight Kleiner Perkins Caufield & Byers.
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