ExtraHop Getting $100 Million in Growth Capital, Hires New CRO, CPO

ExtraHop, a network detection and response (NDR) provider, has secured $100 million in growth capital from existing investors.

The growth capital should close in early 2024 subject to customary closing conditions.

In addition, ExtraHop has appointed Marc Andrews to chief revenue officer and Kanaiya Vasani to chief product officer.

ExtraHop's Marc Andrews

Andrews previously led global sales at Symantec and Blue Coat Systems, and brings to ExtraHop a track record of building successful go-to-market, alignment and implementation strategies, the company said. As an operating partner at Crosspoint Capital Partners, he has worked with the firm’s other portfolio companies to drive sustainable and profitable growth.

Most recently, Vasani worked at Infoblox, where he led the company’s product team and grew its cybersecurity business. He brings experience in defining and shaping corporate strategy and then executing through product development to drive customer success. He previously held leadership positions at Juniper Networks and Terayon Communications.

ExtraHop ended 2023 with about $200 million in annual recurring revenue (ARR), doubling over the last few years.

Growth Capital to help ExtraHop Capitalize on Recent Success

“ExtraHop is poised to be one of the next revolutionary businesses in this new era of cybersecurity, and this new infusion of capital will help the company build on its recent success and scale to new heights," said Greg Clark, ExtraHop’s CEO and managing partner of Crosspoint Capital Partners. “ExtraHop is committed to building upon its heritage of developing groundbreaking technology to help customers better manage and mitigate their cyber risk.”

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The new capital will be used to help accelerate momentum in line with ExtraHop's strategic goals by investing in its technology, its people and the key processes required for its next growth horizon, Andrews said.

"We anticipate partners will benefit from these investments as ExtraHop continues to deliver the essential tools enterprises need to combat today’s modern threats," he said. "As a leader in the Forrester Wave for Network Analysis and Visibility (NAV), the additional funding will only further strengthen our technology, enabling our partners to offer customers the most innovative NDR and NPM solutions."

ExtraHop’s Reveal(x) platform delivers what the company says is 360-degree visibility for organizations to automatically discover new, rogue and unmanaged devices, detect late-stage attack activity using machine learning (ML)-based technology, and remediate threats.

Related:Private Equity Firms Snapping Up ExtraHop in $900 Million Acquisition

ExtraHop's Kanaiya Vasani

ExtraHop recently open-sourced its 16 million row dataset to help defend against domains generated by algorithm (DGAs) and allow organizations to strengthen defenses against malware and botnet operations. ExtraHop also strengthened its partnership with CrowdStrike by offering CrowdStrike Falcon Intelligence embedded within the Reveal(x) platform.