By 2022, the amount of corporate data stored in the cloud (compared to on-premises servers) has reached 60%, a signal of how the world of enterprise IT is evolving. But lest you think that cloud = modern = more efficient, when it comes to security the picture is more complicated: more silos means more challenges to visibility, creating security holes and resulted in half of last year’s data breaches occurring in the cloud, according to IBM.
Now a startup called Peach SecurityThe company, which is building special security tools to address that complexity, has ramped up investments to meet the demand it is seeing.
The company – which evaluates and provides real-time monitoring of customers’ data assets in multi-cloud environments – has raised $34 million, a Series A investment it will use to continue to expand its platform.
Dan Benjamin, CEO and co-founder, said the focus of the startup today is on public data rather than private clouds. It integrates with all the major providers – Azure, AWS, Google Cloud – as well as big names in the data storage space like Snowflake and Databricks, and the services it provides include privacy management data security (DSPM), data loss prevention (DLP), and data detection and response (DDR).
The investment is being led by SignalFire, with Felicis Ventures, Okta Ventures and previous backers, cybersecurity expert incubator and investor Team8, also participating. Dig emerges from stealth mode and announces $11 million seed round in just May this year. The reason for the fast tracking is that the seed round was actually closed (and used) some time before it was actually announced, says Benjamin; and because the emergence of stealth shows that the company receives a lot of domestic contact from customers and investors.
Okta Ventures, the strategic investment arm of the identity and access management giant, falls into both categories: Dig integrates strongly with Okra’s login management products to both monitor for malicious activity. potential while helping to establish stronger safeguards. Remove bad actors before they take hold.
Dig’s founders – Benjamin, Ido Azran (VP R&D) and Gad Akuka CTO) – are repeat founders, with track records at companies like Microsoft, Google, Mimecast, SAP and more, and as Benjamin explained, there is a strong argument for a large third-party company to provide security services for cloud data, simply because it grows up to be a huge, but highly fragmented market. fragmented and no exclusive ‘owner’: because of the ubiquity of microservices, organizations rarely use just one service like AWS or Azure; and the data is run across multiple instances.
“A typical organization has 30 different types of data storage across tens of thousands of instances,” says Benjamin. Even a smaller organization can have 10 different types of data storage.
This means that even though a cloud company can develop powerful cloud security products, we still have several ways to make those products work on data regardless of it. where.
I should also point out that Benjamin has also predicted that approach will likely change over time: he works in corporate development at Microsoft and knows the covetousness of big players like This is going to be to see how cloud data security companies – like Dig – will grow in the coming years and potentially catch one to catch up with that kind of functionality.
For now, however, companies like Dig have a clear opportunity to create traction in the market.
“Dig is uniquely positioned to make DDR the standard in data security,” said Nir Polak, venture partner at SignalFire who has a solid network track record as founder and president of Exabeam said. “The rise of remote work and the increasing proliferation of cloud attacks require real-time data security – too many organizations still face the risks hidden behind the cloud. public clouds. SignalFire is excited to support Dig as the only provider in the cloud data security market that offers real-time data protection across any cloud and any data warehouse. “
It’s not the only player here: several others are also taking the opportunity to offer more holistic security approaches to narrowing down the fragmentation of most enterprise environments. Others who have raised big funds include Laminar, HYCU, vArmor, JupiterOne. Larger tech companies are making acquisitions to bring more multi-cloud security and management capabilities to their platforms including Google acquires Siemplifyand F5 buys NGINX.