Main Highlights:
- Grip Security, a Tel Aviv-based company specializing in assisting organizations with data protection in SaaS applications, announced today that it had raised a $19 million Series A round led by Intel Capital.
- Grips have raised a total of $25 million to date, including funding from YL Ventures, which led the company’s $6 million seed round earlier this year.
- Grip asserts that it can provide organizations with a complete SaaS inventory in as little as 15 minutes after installation, without the necessity of agents or proxies.
Grip Security, a Tel Aviv-based business specializing in assisting enterprises in protecting their data in SaaS apps, revealed today that it had raised a $19 million Series A investment headed by Intel Capital. Grips’ total fundraising to date has reached $25 million, with participation from YL Ventures, which led the company’s $6 million seed round earlier this year.
As Grip CEO and co-founder Lior Yaari explained, even though Grip is still a young company, selling into the enterprise is typically a complex process. The team demonstrated considerable growth to investors, especially for a company formed in February. He observed, for example, that the product’s user base has grown tenfold every quarter. The grip has also added a diverse customer base during the last nine months, including Fortune 500 companies and small startups.
Historically, these businesses used a cloud access security broker (CASB) to act as an intermediary between the employee and the service they were using. This ideally assists a business’s IT team to determine who has access to these technologies and how they use them. However, employees frequently work around these tools, making data control difficult, if not impossible.
Yaari reminisced about the good old days, when they defined the issue area and how SaaS has evolved to the point where they ask: how do you solve it today? Each individual he encounters has an answer. It simplifies the discussion since if the response is that They maintain an Excel spreadsheet and an Excel sheet, anything written becomes obsolete the instant it is written.
Someone has submitted a new application within seconds, rendering the document obsolete. Therefore, they either rely on old technologies rife with false positives, complicated to work with, and insufficiently actionable. Then they demonstrate their dashboard to them, and the conversation continues.
Grip claims that it can give enterprises a complete SaaS inventory within 15 minutes of installation without agents or proxies. And although that alone is tremendously beneficial to its consumers, the team learned a lot from their early customers, Yaari explained.
He clarified that As they connected with clients and saw the difficulties and challenges, they faced not as adversaries but as a partner assisting them in resolving them, their vision broadened into the daily battles of security teams. This means helping organizations with a broader range of day-to-day access control challenges, such as when employees quit the company. He explained that they intend to construct an enforceable, comprehensive access management solution at the following stage.
How does Grip Security’s system work?
Yaari continues to state that a user of a SaaS application can conceivably return home, open his laptop, and log into the application. For years, they’ve built SaaS security solutions around the network security paradigm, essentially establishing a proxy on an organization’s networks. However, when an employee returns home, they are no longer protected against hostile actors who acquire access to programs after stealing a password from one of the employees.
Because Grip is aware of every application used by a particular organization, it claims it can now assist these companies in enforcing access policies. Grip’s current objective is to launch this new solution within months. Sunil Kurkure, managing director at Intel Capital, stated that Grip recognized a critical need in SaaS security teams and presented a feasible, accessible, and meaningful solution.
He continued, “With existing products taking months to deploy and interfering with innovation and scale, Grip’s quick and easy deployment process has the potential to change the way SaaS security interacts with business workflows.”
