SAVVY, a cybersecurity enterprise specialising in mitigating workforce-initiated security incidents around SaaS applications, has bagged $30m.
This considerable financial backing was led by venture capital firm Canaan in a recent Series A round, accompanied by noteworthy investors Cyberstarts and Lightspeed, both of whom also presided over the company’s initial seed round.
SAVVY steps into the limelight amid a significant increase in enterprise SaaS usage. On average, organisations deploy 130 SaaS applications, an 18% uptick from the previous year. However, the non-standardised security control and integration complexities are heightening the pressures on security operations (SecOps) teams, while also ramping up friction between IT and business departments.
At the heart of SAVVY’s service offering is its innovative Workforce Security Automation platform. This platform addresses human errors, equipping SecOps with comprehensive visibility and security automation playbooks for orchestrating SaaS incident responses before an insecure action occurs. The platform, already deployed by Fortune 500 firms in hospitality and consumer goods industries, acts as a pop-up security copilot, providing real-time alerts and suggestive guidance to enhance user decision-making.
The funds from this investment round will fuel the expansion of SAVVY’s platform, driving the capacity to counter user-initiated SaaS events like unsafe use of generative AI, sensitive data loss, and supply chain risks through SaaS integrations. SAVVY’s novel approach enables it to embed its platform directly into user work environments to address these events in real-time.
An additional feature of the SAVVY platform is its capacity to detect applications not connected to single sign-on (SSO), or instances where users sign in with reused, shared, or compromised corporate credentials. Through this visibility, SAVVY was able to detect thrice the number of applications where employees utilised their corporate identity undetectable by traditional network security controls.
Speaking on the investment, Canaan general partner Joydeep Bhattacharyya said, “The best security companies tackle surface vectors of attack head on. SAVVY’s focus on the “human” attack surface and protecting employees across browsers and work apps solves a massive problem all enterprises face and is only getting worse.”
In a separate statement, Guy Guzner, co-founder and CEO of SAVVY, expressed his views on the company’s mission, “Companies can have the highest security budgets and the best systems in place, but if you’re not reaching the end user at the point of decision, then history will continue to repeat itself.”
Finally, SAVVY’s journey from the initial seed funding round to this Series A round exhibits its determination to carve a unique niche in the cybersecurity market, particularly in the domain of SaaS application security.
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst
