Grip Security, a distinguished leader in SaaS identity risk management, is celebrating a major achievement as it announces the procurement of $41m in its Series B fundraising endeavour.
The financial support has been spearheaded by Third Point Ventures, and saw significant participation from YL Ventures, Intel Capital, and The Syndicate Group.
The substantial investment is set to take Grip Security’s cumulative funding to a noteworthy $66m. This marks a pivotal moment in the company’s journey, not only bolstering its market entry approach but also fuelling the enhancement of its product line.
As digital landscapes undergo quick transformations, the holistic management of SaaS identity threats has emerged as a top priority for chief information security officers. Grip Security, with its pioneering platform, is perfectly equipped to address this burgeoning requirement.
A cursory look at the economic atmosphere suggests companies are reassessing their cybersecurity financial strategies. Yet, the emphasis on SaaS identity risk management remains undiminished.
The ubiquitous nature of data storage and access, spurred by SaaS, and the brisk pace of digital conversion activities are making a difference. The award-winning Grip SaaS Security Control Plane platform stands out by offering an all-encompassing strategy to control the identity challenges brought on by the prevalent use of business-favoured SaaS.
Lior Yaari, CEO and co-founder at Grip Security, provided insight into the situation, “Every company is experiencing the proliferation of SaaS apps and Grip has proven repeatedly that it has the best solution in the industry.
“This has propelled our growth during these challenging economic times because we are focusing on a critical problem that needs to be addressed urgently. This new funding allows us to accelerate our innovation as we further distance ourselves from the competition and capture the exploding need for SaaS identity risk management.”
When it comes to SaaS, numerous apps remain alarmingly vulnerable. Each susceptible app could potentially be a doorway for malign entities. A breach in one system can facilitate unsanctioned ingress into other platforms, amplifying the firm’s security jeopardy.
While SaaS adoption continues its upward trajectory, firms grapple with implementing effective measures to control the sprawling identity threats that arise. Despite economic conditions prompting judicious cybersecurity budgeting, the imperative to oversee and mitigate this peril is acutely felt.
Sapir Harosh, partner at Third Point Ventures based in Tel Aviv, shared his views, “At Third Point Ventures we look for companies at the early revenues stage that address large and growing Enterprise Technology segments and possess a clear technology advantage. Grip Security is a clear leader in SaaS Security.
“We are investing in the company because we see a tremendous need for their solution, and they have a superior product, which is proven by their accelerating market traction in this challenging market. The company has important competitive contracts with some of the most demanding enterprises and that is a compelling demonstration of why we think Grip will be a sustainable leader in this growing segment.”
Building on the success since its inception in 2021, Grip Security has witnessed remarkable growth. Within the last year, bookings swelled by over 400%, signalling robust market demand and confidence from clients. Notably, their clientele features several Fortune 500 entities. To accommodate its soaring success, the company’s workforce has expanded almost threefold.
The recent infusion of funds is geared towards propelling Grip Security on an even faster growth path. It aims to further establish its authority in the SaaS identity risk management domain, enhancing its teams in both Israel and the US, refining research and development, and widening its operational bandwidth. This financial bolstering will also aid in tapping into unexplored geographies, consolidating its industry supremacy.
James Fritz, CISO at NFP, remarked, “Grip SSCP is a cybersecurity unicorn-product with its ability to deploy in minutes and provide value from day one. The company’s platform improves security but also creates efficiencies and helps reduce overlapping product costs to deliver a clear ROI. With Grip, my teams do in minutes what used to take months.”
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