MDR Security Provider Expel Raises $ 140.3 Million, Becomes A Unicorn
Expel, one of the top 250 MSSP security companies and top 40 managed detection and response (MDR) security companies, raised $ 140.3 million in Series E funding and became a unicorn – a private company rare with a valuation above $ 1 billion.
Expel will use the funding to invest in product research and development, unveil new capabilities and boost its sales and go-to-market initiatives, the company said. It will also explore opportunities to expand its partnerships, expand internationally and strengthen its business operations.
The E-Series funding comes after Excel previously invested in automation, CEO Dave Merkel said. This investment enabled Expel to improve the efficiency of its Security Operations Center (SOC) analysts by 260% and achieve a Net Promoter Score (NPS) of 80+.
In addition, Expel has doubled its base of technology partners since 2019, Merkel noted. Expel has also evolved its MDR platform to handle an 82% increase in security events per day and has more than doubled its security investigations during that time.
Yet MSSP Alert does not know Expel’s actual annual revenue, profit (or loss), or year-over-year growth rate.
A closer look at Expel’s security offerings
Organizations can use Expel’s MDR platform to protect their cloud and on-premises infrastructure and SaaS applications, the company said.
In addition to its MDR platform, Expel offers Workbench for Amazon Web Services (AWS), which the company launched in February 2021. Workbench enables organizations to assess and validate security alerts in their AWS environments, noted Expel. Expel also offers its managed phishing service Expel for Phishing.