SaaS Application Security Funding: Canonic Unveils Governance Platform, Raises $6 Million

Canonic Security, an Israeli cybersecurity startup led by Proofpoint and OverOps veterans, has emerged from stealth mode with its App Governance SaaS application security platform, and raised $6 million in seed funding. Key financial backers include First Round Capital, Elron Ventures, SV Angel and Operator Partners.

The funding reinforces growing investor and customer interest in SaaS application security.

Canonic Security: App Governance Strategy

SaaS-based organizations use Canonic to reduce their attack surface, detect SaaS-native threats and automate response, the company asserts.

The company’s flagship platform, App Governance, is powered by an app sandbox that simulates third-party apps and SaaS-native code behavior before granting access to organizations’ business applications. Also, App Governance automatically maps business applications’ interconnectivity, Canonic noted. In doing so, App Governance helps organizations uncover harmful, vulnerable or overprivileged apps and integrations to reduce the risks involved with third-party API access.

Organizations can use Canonic’s SaaS application security platform to profile apps and user accounts, identify suspicious or out-of-policy behaviors and minimize the impact of SaaS attacks, the company stated. The platform provides access intelligence and vulnerability insights and helps security teams quickly respond to cyberattacks.

Canonic was co-founded by cybersecurity industry veterans CEO Boris Gorin and CTO Niv Steingarten — veterans of Proofpoint and OverOps. The company has roughly 30 employees. Many of those cyber researchers and engineers come from PerimeterX, Sygnia and other security companies.

Canonic’s website as of early February 2022 did not mention partner programs for MSPs and MSSPs, but we’ll be watching for potential updates.

SaaS Security Monitoring for MSPs and MSSPs

Meanwhile, SaaS security monitoring and management tools are also popping up to help MSSPs, MSPs and end-customers protect Microsoft 365, Google Workspace and other SaaS workloads.

Dozens of SaaS protection options are in the market. But two startups — namely, Augmentt and SaaS Alerts — most directly promote SaaS application protection tools to MSSPs.

Augmentt is led by CEO Derik Belair and Chairman Gavin Garbutt — two N-able veterans. Meanwhile, SaaS Alerts is led by CEO Jim Lippie, a veteran of Kaseya and Thrive.

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