Cloud-based security platform Avanan has scored $25m in its Series B round of funding.
The capital injection was supported by existing backers StageOne Ventures, Magma Venture Partners and Greenfield Partners. Funds from the round will be used to continue its growth.
Avanan is a security solution which helps to protect an organisation’s, Office 365 suite, G Suite, Box, ShareFile, Slack and other collaboration SaaS applications. Its technology can prevent phishing attacks, malware, ransomware malicious content, data leakage, account takeover and others.
Vendors can buy a bundle of security solutions or individual products, with all technologies being pre-configured and activated from within Avanan by one-click.
Data protection services are available through the platform to help companies meet various compliance requirements. Its solutions can help with GDPR, PCI-DSS, FERPA, and SOX, among others.
The cybersecurity company has witnessed strong growth over the past year, having increased its customer-base 10-fold. Its solution is now protecting more than one million end-users across all of its industries of operation.
Avanan CEO and co-founder Gil Friedrich said, “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.
“Avanan takes a completely different approach to how we secure our customer’s environments. By connecting directly to the cloud, we not only deploy faster, but 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.”
Earlier in the year, StageOne Ventures participated in the $11.5m Series A funding round of Israel-based Silverfort. The multi-factor authentication company empowers organisations to prevent data breeches and maintain compliance by preventing identity-based attacks.
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