Miggo Security, an Israeli cybersecurity firm, today unveiled a successful seed funding round, raising $7.5m.
According to Silicon ANGLE, the investment was led by YL Ventures Ltd., with significant contributions from Cyber Club London and several private investors, including personnel from Elastic N.V., Everon LLC, Google LLC, Zscaler Inc., and notably, Nike Inc.
Established in 2022, Miggo Security specialises in an Application Detection and Response (ADR) platform. This innovative technology aims to fill a significant void in application security by facilitating the real-time detection and response to targeted attacks on applications. By analysing interactions and data flows within applications, the platform helps prevent potential breaches by identifying and mitigating attacks early.
The firm addresses critical security vulnerabilities inherent in applications, which are the focal points of nearly 80% of data attacks. Recent shifts towards distributed application architectures, requiring multiple trust chains across services, amplify these risks. Miggo’s ADR platform uniquely monitors these interactions to thwart attackers who might exploit the gaps left by traditional security tools like endpoint detection and response systems and web application firewalls.
With the fresh capital, Miggo plans to enhance its ADR platform to provide more robust detection and response capabilities within live application environments. The aim is to offer a deeper insight into the operations of distributed applications and to initiate precise, targeted interventions to mitigate and contain security breaches.
Additional perspectives shared by the company highlight the strategic importance of their ADR platform in today’s cybersecurity landscape, where production applications represent critical vulnerabilities. Miggo’s technology is designed not only to detect anomalies but also to map and understand application architectures for better security efficacy.
Miggo Security co-founder and CEO Daniel Shechter expressed the urgency and necessity of their mission, “We need to proactively tackle this massive and largely unseen attack surface. Not only do we need precise detection and response for unexpected behaviors directly in live application environments, but also insight and understanding into the inner workings of today’s distributed applications as they run.”
Prior to this funding, Miggo had been progressing with initial capital from its founders and early backers, highlighting a strong conviction in their technological foundation and strategic direction.
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