Cloud-based network detection company ExtraHop Networks Inc. announced today that it has secured $100 million in growth capital from existing investors.

Founded in 2007, ExtraHop specializes in network detection and response through its Reveal(x) platform. The platform uses cloud-scale machine learning algorithms and rule-based techniques to detect behaviors, anomalies and software vulnerabilities and provide security recommendations.

ExtraHop’s platform is designed to decrypt and analyze network traffic securely in real time, collecting intelligence and network threat telemetry to drive machine learning detections. The platform can detect encrypted lateral movement, cloud attack techniques, insecure protocols, internet of things device behaviors and network-based detection of abuse of encrypted Microsoft protocols, among others.

The platform is based on a passive network appliance that uses network tap or port mirroring to receive network traffic, performing full-stream reassembly to extract application-level protocol metrics and other information in the transaction payload. The metrics are then used as machine learning features to proactively detect anomalous behavior that could indicate data breaches, ransomware, other threats and performance issues.

ExtraHop surpassed $200 million in annual recurring revenue in 2023, doubling its figure over the last few years. The company was acquired in a $900 million deal by Bain Capital Private Equity LP and Crosspoint Capital Partners LLC in 2021. The new $100 million in growth capital is the first time the company has raised money since that time.

“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,” ExtraHop Chief Executive Greg Clark, also managing partner at Crosspoint Capital Partners, said in a statement. “We believe this investment will further accelerate the company’s roadmap as it delivers essential tools to combat today’s modern threats.”

Along with announcing the funding injection, ExtraHop also announced the appointment of two new executives. Joining the company are Marc Andrews as chief revenue officer and Kanaiya Vasani as chief product officer.

Andrews previously led global sales at Symantec Corp. and Blue Coat Systems Inc.. Vasani brings more than 30 years of experience in networking and security to ExtraHop, having previously scaled the security business at Infoblox Inc.

Photo: ExtraHop