Business & Finance
10:54 AM

Addamark Wins $9 Million In Additional Funding

New investment brings the total to $16 million for the security log consolidation and management company.

Addamark Technologies Inc., a security log consolidation and management company, has secured $9 million in a second round of funding. This round was led by Canaan Partners and brings Addamark's total investment to $16 million to date.

Security event-management applications, such as those developed by Arcsight, Computer Associates, e-Security, Intellitactics, IBM Tivoli, and Netforensics can collect and record millions of system and security events each day. As a result, businesses that need to store security-related information for long periods of time are faced with the challenge of storing and quickly retrieving the security-event information created by various E-business and security applications.

Addamark, founded in October 2000, offers Omnisight to make it easier to centrally store and analyze security event data to spot potential insider security problems, suspicious system activity, and hacker attacks that may occur over long stretches of time.

Pete Lindstrom, research director at Spire Security, says Omnisight can help in areas where security event managers often fail. While security event-management apps are good for real-time security-event correlation, few, if any, can scale to store the thousands of network and system events these systems can collect per second. "For forensics investigations, this [Omnisight] shows how valuable intrusion-detection system data can be in the long run," he says.

Addamark's first round of funding, for $7 million, came in July 2002 and was led by Sierra Ventures.

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