A screenshot of the ObserveIT homepage. Photo: Screenshot.

ObserveIT, a provider of insider threat management software, said on Tuesday it raised $33 million in a private funding round with participation from Bain Capital Ventures and Spring Lake Equity Partners.

NightDragon Security, the cybersecurity investment firm founded by industry veteran Dave DeWalt, also participated.

The funding will be used to accelerate product innovation and to expand the sales and marketing teams to support the company’s global growth.

ObserveIT, founded in 2007 by two Israelis, said that in the past year the company increased customer deals by 185 percent while new customer deal size grew by more than 250 percent.

“Whether accidental or malicious, insider threats are increasing in both frequency and cost,” said Mike McKee, CEO of ObserveIT.

The firm, which employs 150 people, is based in Boston and has its main research and development center in Israel.