Grip Security Secures $41 Million to Expand SaaS Security

Israeli Identity Risk Management startup Grip Security has secured a significant $41 million in funding to propel its growth trajectory. The funding will support expansion efforts, including strengthening go-to-market teams, research and development, operational functions, and global reach.

Empowering SaaS Security

Founded in 2021, Grip Security specializes in a Software-as-a-Service (SaaS) security management platform. This unique solution offers a bird’s-eye view of all enterprise SaaS applications. It automates the detection of shadow applications and inactive accounts, which often have unauthorized access to sensitive data and production environments.

Meeting Evolving Needs

Despite the current economic landscape causing companies to reassess their cybersecurity budgets, Grip Security asserts that SaaS identity risk management remains an essential investment area. The digital age has led to data being stored and accessed across various locations, heightening identity sprawl risks. As organizations rapidly transform digitally, the need for a comprehensive approach to managing these risks has become more vital than ever.

Grip’s Innovative Approach

Grip Security tackles this challenge head-on by leveraging identity as a primary control point. Their approach encompasses discovering, prioritizing, securing, and orchestrating mitigation and remediation of identity-related risks. Unlike traditional security hurdles, the platform offers intelligence and speed to outsmart malicious actors.

Grip Security stands out by delivering swift, intelligent solutions for access management and data governance. Their approach goes beyond conventional cloud access security broker solutions and web gateways.

Impressive Growth

Since their previous funding round in 2021, Grip Security has witnessed remarkable growth, with bookings skyrocketing by over 400% in the past year. Third Point Ventures LLC spearheaded the Series B round, joined by YL Ventures LP, Intel Capital Corp., and The Syndicate Group LLC.

Sunil Kurkure, Managing Director at Intel Capital, highlighted the significance of Grip Security’s approach in an ever-changing landscape. He emphasized that businesses can embrace SaaS adoption securely, ensuring their data remains safeguarded.

A Well-Funded Future

With this latest funding round, Grip Security’s total raised funds amount to $66 million. The investment not only validates the company’s innovative approach but also propels them forward in the dynamic world of cybersecurity.

TL;DR:

Grip Security, an Israeli startup, secures $41 million to fuel the growth of its unique Software-as-a-Service (SaaS) security management platform. The company’s approach leverages identity as a primary control point to manage identity sprawl risks, offering intelligence and speed beyond traditional security measures. The funding will support expansion and development efforts, solidifying the company’s position in the cybersecurity landscape.