Israeli cybersecurity co SafeBreach today announced that it has completed a $19 million Series-C financing round led by OCV Partners and with the participation of previous investors Sequoia Capital, Deutsche Telekom Capital Partners, DNX Ventures, Hewlett Packard Pathfinder, and PayPal. The round brings the total raised by SafeBreach to over $50 million.
With offices in Sunnyvale, California and Tel Aviv, SafeBreach provides a breach-and-attack simulation (BAS) platform to validate security controls, visualize security risk and prioritize remediations. The company was founded in 2014 by CEO Guy Bejerano and CTO Itzik Kotler, veterans of the IDF Air Force and IDF Intelligence unit 8200.
SafeBreach will use the funding to speed up product development to address the growing needs of customers and to accelerate sales channel and partnership growth on a global scale. The company will also add a suite of new services for its rapidly growing base of customers who have embedded SafeBreach BAS into their daily operations as a means to continuously validate security posture and optimize configurations of existing security tools.
Bejerano said, "In a continually changing threat environment, most enterprise security groups have responded by buying more security products and hoping that will make them more secure. But hope is not a viable strategy. Instead, CISOs and security teams need to improve their security stance on an ongoing basis and avoid the misconfigurations and security lapses of their existing security controls that make possible the vast majority of serious security incidents today."
The funding round comes after rapid customer growth and usage during the past two years. In 2018 and 2019, dozens of multi-billion dollar entities in financial services, healthcare, manufacturing, telecommunications, retail and other industries adopted breach and attack simulation as part of their core strategy to validate controls, improve security posture and reduce business risk. They committed to SafeBreach as their core platform for attack simulation, security risk visualization and prioritization. During the past 12 months, the volume of monthly simulations running on SafeBreach BAS platforms worldwide has grown at a triple digit rate, exceeding 1.5 billion monthly simulations at its peak.
Published by Globes, Israel business news - www.globes-online.com - on April 16, 2020
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