Israeli Cybersecurity Startup Morphisec Raises $31M Funding Round, Led by JVP
Israeli cloud-delivered endpoint and server security solutions startup Morphisec has raised $31 million in a funding round led by Israeli global VC Jerusalem Venture Partners (JVP.) Other existing investors participated in the round including Orange and Deutsche Telekom Capital Partners.
Founded in 2014, Morphisec offers enterprises cutting-edge cyber prevention that automatically stops the most dangerous attacks in an automated and easy-to-manage manner without any impact on users, performance, or IT teams, while conserving costs and achieving best-in-class efficacy.
The investment will also support an aggressive hiring push aimed at drastically increasing Morphisec employees across the US and Israel, the company indicated. Morphisec will also appoint former Symantec and Intuit CEO Steve Bennett to its board of directors.
The pandemic resulted in remote work at higher levels than ever before, making perimeter security irrelevant and forcing organizations to protect the endpoint. Morphisec aims to come to the defense of these enterprises without needing dedicated security teams to respond to attacks, the company says.
“Midsized enterprises are historically underserved by the cybersecurity market and left behind by cost-prohibitive tools and staff constraints,” said Ronen Yehoshua, CEO of Morphisec. “The challenges for these organizations have only increased in the last year with work-from-home employees using unsecured devices and connecting to an endless array of cloud-based applications.”
“Endpoints of all types – workstations and servers, on-premises and in the cloud, physical and virtual – are the ultimate frontiers of cyber protection,” said Yoav Tzruya, general partner at JVP.
Organizations today settle for low efficacy, high cost, non-deterministic, performance-impacting, knowledge-challenged sets of solutions like EDRs, behavioral, and signature-based approaches. These result in uncertainty, high-cost, and are difficult to manage in WFH and Cloud environments. Morphisec’s unique approach provides measurable, deterministic, low-cost value while providing best-in-class protection, serving distributed organizations and further allowing risk-free cloud migration,” he added.
“Morphisec has brought the most significant innovation to prevention the market has seen in the last 10 years,” said Bennett. “I’ve never witnessed a cybersecurity company that has delivered so much value potential for mid-sized customers. Not only does it stop the breaches that make the headlines, but it does so in a way that allows budget-constrained businesses to receive the world-class prevention and business continuity that is often only reserved for the large deep-pocket corporations.”