Cloud security firm Avanan announced on Monday that it has raised $25 million in a Series B funding round, which brings the total raised by the company to date to over $41 million.
The money was raised from existing investors StageOne Ventures, Magma Venture Partners, and Greenfield Partners (a TPG company). Avanan says the funds will be used to further accelerate its growth.
Avanan provides solutions designed to help organizations protect SaaS-based email and collaboration products, such as Slack, G Suite, Office 365, Box and ShareFile. The company offers a multi-vendor platform that helps enterprises secure their applications against phishing, account takeover, and other threats by allowing customers to easily activate pre-configured security technologies from Avanan and third-party vendors.
Avanan’s solution is available both under the Avanan label and through several white-label OEMs with third-party security firms.
Avanan claims its customer base has increased ten-fold over the past 12 months, reaching over one million protected accounts.
Earlier this year, the company warned organizations that cybercriminals had been splitting malicious URLs and using a technique dubbed “ZeroFont” to bypass protections in Microsoft Office 265.
“Companies that use SaaS-based email and collaboration platforms quickly realize that hackers find ways to bypass their security. Before Avanan, the options for additional security were limited to legacy email security vendors that tried to adapt their proxy solution to the cloud,” said Gil Friedrich, CEO and co-founder of Avanan. “Avanan takes a completely different approach to how we secure our customers’ environments. By connecting directly to the cloud, we not only deploy faster, we detect and block all the threats that proxies are unable to see due to their position outside the cloud. The difference to our customers is night and day.”
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