ExtraHop, a frontrunner in cloud-native network detection and response (NDR), has secured US $100 million in growth capital from existing investors, according to an announcement made today. The transaction is set to complete in early 2024. Furthermore, the company is bolstering its executive team by appointing Marc Andrews as Chief Revenue Officer (CRO) and Kanaiya Vasani as Chief Product Officer (CPO), anticipating its next chapter of growth in the expanding NDR market.
In 2023, ExtraHop witnessed a considerable upsurge in performance, ending the year with approximately US $200 million in Annual Recurring Revenue (ARR) - doubling its earnings over the last few years. This notable increase is attributed to many factors, including innovative technology, the establishment of strategic partnerships, and attaining multiple new client accounts. The company earned high industry recognition, including winning the '2023 Best AI-based Solution for CyberSecurity' award and being named a Leader in The Forrester Wave: Network Analysis And Visibility, Q2 2023.
Greg Clark, CEO at ExtraHop, emphasised that ExtraHop is positioned to become one of the transformational businesses in the cybersecurity landscape. He added, "This new infusion of capital will help the company build on its recent success and scale to new heights".
ExtraHop's distinct Reveal(x) platform delivers comprehensive network visibility, empowering organisations to uncover and detect late-stage attack activities by capitalising on machine-learning based technology. The Reveal(x) platform greatly assists companies in remedying immediate threats. To augment the platform's defences, ExtraHop recently made publicly accessible its 16 million row dataset to help combat domains generated by algorithm (DGAs). The company has strengthened its relationship with cybersecurity entity CrowdStrike, embedding CrowdStrike Falcon Intelligence into the Reveal(x) platform.
Chris Kissel, an industry analyst based at IDC, highlighted that the NDR market is increasingly drawing attention from enterprising investors and corporate analysts. Kissel noted, "360-degree network visibility offers unmatched opportunities to reveal the cyber risks hiding in IT environments".
Marc Andrews, the new CRO at ExtraHop, is a seasoned sales executive with a strong background in cybersecurity. In his previous roles, Andrews spearheaded global sales at renowned cybersecurity entities Symantec and Blue Coat Systems. He was chosen for his exceptional ability to craft successful market targeting strategies and an impressive operational track record.
Simultaneously, ExtraHop has added Kanaiya Vasani to its senior team as CPO. Vasani's expansive career of over 30 years spans various leadership roles in networking and security at Infoblox, Juniper Networks, and Terayon Communications.