Israeli cloud security company Avanan today announced that it has closed a $25 million financing round from existing investors StageOne Ventures, Magma Venture Partners, and Greenfield Partners (the Israeli office of TPG). The company has raised $41 million to date including $14.9 million in its last financing round in May 2016 and its seed round in July 2014.
Founded in 2014 by CEO Gil Friedrich, VP Product Roy Rotem, CTO Avi Zelovich, and VP Business Development Michael Landewe - all former senior executives at cybersecurity company Forescout. Avanan is headquartered in New York with its development center in Tel Aviv. About half of the company's 60 employees are located in Israel.
Avanan's technology allows companies to operate their existing data security systems on a cloud, even though they were originally designed for use on physical servers. Thus it's possible to secure on a cloud, data on Microsoft Office 365 systems, Google's G Suite, Slack and more against damaging phishing attacks using security systems such as Check Point Software Technologies Ltd. (Nasdaq: CHKP), Simantech and AVG. Avanan's technology lets users choose their preferred security technology on the back of the system it uses in the cloud.
Friedrich said, “Companies that use SaaS-based email and collaboration platforms quickly realize that hackers find ways to bypass their security. Before Avanan, the options for additional security were limited to legacy email security vendors that tried to adapt their proxy solution to the cloud. Avanan takes a completely different approach to how we secure our customers’ environments. By connecting directly to the cloud, we not only deploy faster, we detect and block all the threats that proxies are unable to see due to their position outside the cloud. The difference to our customers is night and day.”
Avanan’s customer base has increased tenfold in the last 12 months, protecting over 1 million end-user accounts in organizations across all industries, from startups to Fortune 100. Avanan plans to use the new funding to further accelerate its growth.
Published by Globes, Israel business news - en.globes.co.il - on December 17, 2018
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