SaaS Application Security Funding: Grip Raises $6 Million
Grip Security, an Israeli startup that specializes in SaaS security, has raised $6 million in seed funding led by venture capital firm YL Ventures. The round also featured participation from CrowdStrike CEO George Kurtz and executives from other cybersecurity companies.
Organizations can use Grip’s platform to gain visibility into known or unknown SaaS applications and users and the interactions between them, the company said. The platform secures access to SaaS apps and provides endpoint-centric data governance capabilities, regardless of a user’s device or location.
This is the latest in a growing list of recent funding and M&A deals for SaaS security upstarts. The others include:
- Adaptive Shield raised $4 million in seed funding in August 2020.
- DoControl raised $10 million in Series A financing in April 2021. CrowdStrike and several venture capital firms contributed to the financing round.
- SaaS Alerts raised $1.2 million in early stage funding in March 2021.
- SailPoint Technologies acquired Intello in February 2021.
- Torii raised $10 million in January 2021 to expand a SaaS management software platform.
How Does Grip’s SaaS Security Platform Work?
Grip’s platform lets organizations discover close to 100 percent of SaaS applications, govern and secure employee and contractor access from any device or location, monitor usage and prevent data loss, the company stated. It offers a variety of SaaS security capabilities, including:
- Discovery: Gives security and IT teams visibility across SaaS apps, including shadow instances and users
- Protection: Allows security and IT teams to control and reduce risk from a SaaS attack surface, without latency or blind spots
- Adaptation: Enables security and IT teams to use security policies based on shifting data flows to adapt to a changing SaaS landscape
The platform also helps organizations identify excess SaaS usage and evaluate their SaaS costs, Grip stated. In doing so, the platform empowers organizations to get the most value out of their SaaS security investments.