Metomic, a data security solution for protecting sensitive data, has scored $20m in a Series A round led by Evolution Equity Partners.
The round also saw participation from new investors such as Connect Ventures and Resonance.
Security, privacy and compliance teams use Metomic’s no-code workflows to automate data policies across their SaaS applications. This includes the ability to deliver real-time notifications directly to employees when they have uploaded sensitive data into the wrong environment, essentially enabling a human firewall across the organization.
The company is giving organisations visibility and control of their data across collaborative SaaS applications, and allows security professionals to see what data is being stored, where it is, and who has access to it.
Over the last 18 months, Metomic claims its automated platform has prevented over two million data leak threats lurking in SaaS ecosystems.
It has also detected hundreds of millions of sensitive data points within SaaS apps and found that 99% of the sensitive data does not need to be there or is accessible to people who shouldn’t have access.
According to Metomic, the funding will be used for US expansion and research and development initiatives.
It will also allow Metomic to build on its AI technology, furthering its mission to enable safer, more compliant data sharing across collaborative SaaS ecosystems.
Metomic CEO and co-founder Rich Vibert said, “Security, IT and compliance teams have no visibility into the data employees are storing and sharing across third-party SaaS applications. They are suffering from alert fatigue and are overwhelmed with the amount of notifications they have to address.
“By triaging critical risks and putting remediation in the hands of employees, we give security teams the most effective, scalable, and modern way to protect their most vulnerable data, without getting in the way of high-value work.
“Evolution Equity are great partners for Metomic. As cybersecurity investors, they not only knew the space, but immediately understood the business value of our technology. We connected on the need to protect information at the data level inside SaaS, one of the fastest growing niches in cybersecurity today.”
Entitle, the founder of a cloud permissions management platform, has recently exited a period of stealth with $15m in seed financing.
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Copyright © 2018 RegTech Analyst