Adaptive Shield, an Israeli cybersecurity startup that specializes in software-as-a-service (SaaS) application security, on Tuesday announced the closing of a $30 million Series A funding round to expand operations around the world.
The latest investment was led by Insight Partners with participation from Okta Ventures and previous lead investor Vertex Ventures.
Adaptive Shield, the brainchild of ex-Proofpoint cloud research expert Maor Bin, came out of stealth one year ago with technology to automate the security of SaaS applications scattered throughout enterprise networks.
The Tel Aviv, Israel-based startup sells technology that automates the management of SaaS applications to pinpoint misconfigurations and other basic errors that expose organizations to major data breaches.
[ READ: Adaptive Shield Emerges From Stealth to Secure SaaS Applications ]
In an interview with SecurityWeek, Adaptive Shield CEO Maor Bin said the company has gained traction with large enterprises that typically deploy multiple SaaS applications at scale. “We’re doing very well with Fortune 500s that deploy 80 SaaS applications, on average. We’re exceeding targets and seeing huge growth.”
Bin said CISOs are desperate for reliable tools to continuously monitor SaaS applications like Salesforce, Office 365, GitHub, Slack and Zoom for the types of misconfigurations targeted by malicious hackers.
“Expecting security teams to stay on top of SaaS Security misconfigurations without a proper SSPM solution in place is like expecting a bodyguard to protect an invisible person,” Bin said.
He argued that “deep visibility and continuous maintenance” of SaaS security hygiene have become crucial parts of security programs globally.
Bin said Adaptive Shield’s flagship SSPM Suite supports more than 50 software-as-a-service applications with plans to triple this over the next year.
He said the company’s technology has been engineered “as a SaaS that integrates with SaaS,” an advantage that means the product can be set up and running live within minutes in a large enterprise.
Once in place, the technology provides visibility — and continuous observability — into an organization’s entire SaaS ecosystem, sending detailed alerts at the first sign of a security misconfiguration and proactively fixing these for all global settings and user privileges.
Related: Adaptive Shield Emerges From Stealth to Secure SaaS Applications
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