SenSage Inc., a San Francisco-based provider of security management solutions, has raised $15 million in fifth-round funding. FTVentures led the round, and was joined by Sand Hill Capital and return backers Sierra Ventures, Canaan Partners and Mitsui Ventures. The company has now raised around $45 million in total VC funding snce 2000.
Enterprise software leader SenSage, Inc. today announced that it has completed a $15 million funding round. The financing was led by new investor FTVentures, joined by a second new investor, Sand Hill Capital, with participation from existing investment partners Sierra Ventures, Canaan Partners and Mitsui Ventures.
The funds will be used to fuel the company's momentum in the event data warehouse space, while furthering its existing leadership position in enterprise log management and security information and event management (SIEM).
SenSage's software solutions target enterprises challenged by evolving requirements for security, compliance, systems management and fraud detection. Its more than 300 global customers span top firms in the banking, healthcare, retail and telecommunications industries. The company's major channel partners include global leaders HP, Cerner, EMC, Hitachi Data Systems, IBM, McAfee and Tokyo Electron Device.
“Complex compliance and security requirements drive immense operating needs for the global financial institutions which comprise FTVentures' strategic limited partner base,” said Craig Hanson, vice president of FTVentures and new SenSage board member. “SenSage's event data warehouse platform enables management of a broad array of data, with sophisticated analytic capability, flexibility and low administrative requirements, at a massive scale.”
Event data warehouse solutions, pioneered by SenSage, introduce the expanded capabilities of log management into the traditional data warehouse industry while significantly reducing capital costs and operating expenses. Originally associated with the SIEM domain, log management involves collecting, retaining and analyzing online and IT events to support compliance, security and systems management activities.
SenSage gives enterprises the ability to collect all types of event data into its flexible data warehouse, which is optimized for precise querying and correlation across data sources. The SenSage event data warehouse enables organizations to perform due process for compliance, forensics, insider threat response detection, control of privileged user activity, and monitoring of access to sensitive data use.
“We initially adopted SenSage for its SIEM functionality, particularly the ability to collect data from a variety of heterogeneous sources while allowing for online storage and analytics,” said Preston Wood, chief information security officer for Zions Bancorporation. “We've since expanded our use of SenSage's software to serve as an event data warehouse for storing transaction data in support of our fraud analysis requirements.”
SenSage customers are using its event data warehouse to improve a number of business processes, including analyzing bank transactions for fraud detection or identifying specific call detail records to support compliance and law enforcement requirements. Typically, these processes require data warehouses that can manage terabytes of information. The advanced architecture that SenSage provides is optimized to support the challenges of managing, maintaining and using these very large databases.
“SenSage was quick to realize that its core technology was well suited to streamlining and improving the management of other types of events outside of log data, which was its initial market,” said Research Director Philip Howard of industry analyst firm Bloor Research. “By creating a data warehouse specifically for managing event data, such as call detail records, IP detail records and ATM bank transactions, SenSage is well positioned to take on the traditional data warehouse vendors for a share of the growing market for event warehousing.”
According to SenSage President and CEO Jim Pflaging, “Customers are responding very positively to our event data warehouse offering, and we are seeing tremendous opportunity to expand our customer base. We are pleased that new investors FTVentures and Sand Hill Capital have joined our team, and the new funding provides us with additional resources for addressing the $13 billion data warehouse market and increasing our market share around the world.”
To learn more about SenSage's event data warehouse, please visit: http://www.sensage.com/English/Solutions/Event_Data_Warehouse.html.
FTVentures provides growth capital to companies seeking to finance organic expansion, recapitalizations, build-ups and buyouts. The firm invests in software and business services companies that derive value from its unmatched Global Partner Network, which includes many of the world's leading financial institutions. FTVentures' Global Partner Network provides the firm with a unique vantage point into the business driven IT and operating challenges of the global enterprise. Founded in 1998, FTVentures currently has over $1 billion under management and offices in San Francisco and New York. For more information, please visit http://www.ftventures.com.
About Sand Hill Capital
Sand Hill Capital is a diversified financial services company that provides debt and equity solutions to venture capital backed start-up companies. The firm has been providing creative, tailored debt and equity solutions since 1996. The partners at Sand Hill Capital are an experienced team of venture debt, venture equity and investment banking professionals that have worked with over 50 top tier venture capital firms around the world. For more information, please visit http://www.sandhillcapital.com.
SenSage, Inc. offers the only patented event data warehouse solution for log management and compliance auditing applications. More than 300 customers have deployed SenSage solutions to reduce the risks associated with insider threats, system downtime and failed audits by providing faster, more granular analysis of privileged user behavior and analyzing anomalies across network, system and application activity. Based in San Francisco, the company markets its solutions directly and through partners, including Cerner, EMC, HP, Hitachi Data Systems, IBM, McAfee, Tokyo Electron Device and many others. Visit http://www.SenSage.com for more information.