Grip Security, an Israeli startup that helps organizations securely adopt software-as-a-service (SaaS), on Tuesday announced the closing of a $19 million Series A funding round led by Intel Capital.
Founded in February 2021, the Tel Aviv-based SaaS security provider emerged from stealth in April 2021 with $6 million in seed investment. Existing investor YL Ventures also participated to the new funding round.
Grip Security provides technology to help secure business-critical applications that have access to sensitive data, production environments and source code.
The company is looking to replace replace CASB (Cloud Access Security Broker) tools by delivering comprehensive visibility and control over SaaS applications within an organization’s environment, including shadow software.
Grip Security says its automated solution helps organizations identify, monitor, and protect SaaS applications on-premises and in the cloud, regardless of the devices they have been deployed on.
The company currently has an employee base of 25, but it plans to triple staff 2022, as well as to invest in accelerating product development and in expanding go-to-market in the United States.
“SaaS is self-service, with the barrier of adoption being only a signup form. This leaves CISOs in a frustrating position. With existing inadequate solutions, CISOs must place barriers to SaaS adoption or prohibit it entirely in order to secure their organization, impeding innovation. We believe a self-service problem requires a self-governing solution,” Lior Yaari, CEO and co-founder of Grip Security, said.
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