Expel, a managed security service provider, announced that it recently secured $40 million in a series C funding round led by Index Ventures along with the participation from Battery Ventures, Greycroft, NEA, Paladin Capital Group, and Scale Venture Partners. As per the investment deal, Shardul Shah, a partner at Index Ventures will join Expel’s board of directors.
Expel stated that it will use the new funding to expand its cloud monitoring capabilities, accelerate product innovation, and fund sales and marketing programs.
Founded in 2016, Expel provides transparent managed security services to the organizations on-premises and in the cloud. The company claims that it offers continuous monitoring services via its security operations center-as-a-service. It also helps customers make better, faster decisions about security issues by giving them real-time recommendations.
“Expel is the only managed security provider that can demonstrate ROI to customers within minutes of turning on the service, not months,” said Shardul Shah, partner at Index Ventures. “Expel’s technology-first, transparent approach to managed security is the best solution for managing security risks in the cloud age.”
“There are some fundamental beliefs we have here at Expel, and one of those is that people are really good at two things: using judgment and building relationships,” said Dave Merkel, CEO and co-founder of Expel. “Having a security operations center full of people chasing loads of alerts isn’t the way to ‘do security’ in the 21st century. Expel’s technology-first approach allows CISOs and their teams to stop playing a game of alert whack-a-mole and focus on managing the risks unique to their business.”