Expel Raises $140.3M Series E Funding - Threat Detection & Response

Expel Secures $140.3 Million in Series E Funding

Expel, a cybersecurity platform focused on threat detection and response, has announced the successful completion of a $140.3 million Series E funding round. This investment was co-led by CapitalG, Alphabet’s independent growth fund, and Paladin Capital Group.

Investment Details and Company Valuation

CapitalG previously spearheaded Expel’s $50 million Series D round in 2020. Paladin Capital Group initially led the company’s Series A funding in 2016. Additional participation in this latest round came from new investors Cisco Investments and March Capital.

Existing investors, including Greycroft, Index Ventures, Paladin Capital Group, and Scale Venture Partners, also contributed to the funding. This brings Expel’s total funding to $257.9 million, and elevates the company’s valuation to over $1 billion.

Expel’s Core Services

Expel delivers a managed security service designed for cloud applications, infrastructure, networks, and endpoints. The company provides 24/7 monitoring by its own security analysts, alongside proactive threat hunting across both on-premises and cloud environments.

A key differentiator is Expel’s “automation-forward” system. This allows for rapid response to potential security incidents and enhances the efficiency of its security operations.

Growth and Performance

“Over the last two years, we’ve experienced unprecedented challenges,” stated Expel CEO Dave Merkel. “We successfully scaled our platform to manage an 82% daily increase in security events.”

Furthermore, the company doubled its technology partnerships and more than doubled the number of security investigations conducted. Automation improvements increased analyst effectiveness by 260%, all while maintaining a Net Promoter Score (NPS) above 80.

Notable Clients

Expel’s client base includes prominent organizations such as Delta Air Lines, DoorDash, Better.com, Esri, GreenSky, and CDW.

Industry Perspective

Gene Frantz, General Partner at CapitalG and an Expel board member, emphasized the growing need for professional security management. He stated that enterprises are recognizing the limitations of relying solely on best-in-class MDR solutions.

“Expel is leading a revolution in the industry,” Frantz added. “They are assisting customers and the broader security community in navigating the complexities of detection and response in both on-premise and cloud environments.”