Cybersecurity Startup That Protects Software App Data Raises $41M

An Israeli cybersecurity startup that limits external access to software application data and prevents its exposure to attacks has raised $41 million. 

Grip Security provides businesses with tools to protect their Software-as-a-Service (SaaS) applications. Enterprises continue to use more and more SaaS tools and cloud accounts, but not all of them are protected by their IT and security teams.

Business-led SaaS is largely unprotected and each of these apps is susceptible to becoming a target that can be exploited. The compromise of one system or app can be used to gain unauthorized access to other systems, apps or resources, increasing the company’s exposure to security risks.

The startup, however, says it can help these teams get an overview of the tools their employees are actually using, so they can safely manage user access to them. 

The investment was raised by Third Point Ventures, YL Ventures, Intel Capital and the Syndicate Group, bringing Grip’s total funding to $66 million. 

Grip will use the funds to expand its R&D work and its team, both at its headquarters in Tel Aviv and in the United States. 

“Every company is experiencing the proliferation of SaaS apps and Grip has proven repeatedly that it has the best solution in the industry,” said Lior Yaari, CEO and co-founder at Grip Security.

“This has propelled our growth during these challenging economic times because we are focusing on a critical problem that needs to be addressed urgently,” he said.

“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.”