Israeli unified security remediation company Dazz today announced the completion of a $50 million financing round co-led by Greylock, with participation from Cyberstarts, Insight Partners and Index Ventures. This latest financing round brings the total amount raised by the company to $110 million. No valuation was disclosed by "TechCrunch" reports that the money was raised at a valuation of nearly $400 million.
The new funds will support Dazz’s aim to help security and engineering teams reduce exposure efficiently and accelerate the company’s momentum in redefining risk prioritization and remediation using AI technologies.
Dazz was founded in 2021 by CEO Merav Bahat, CTO Tomer Schwartz and VP R&D Yuval Ofir. Dazz says it has experienced rapid customer growth with Fortune 500 and hyper-growth companies such as BHG Financial, Healthfirst, TaxSlayer, iCapital, and Abnormal Security across financial services, healthcare, pharmaceutical, technology, retail, and manufacturing industries. Customers have used the Dazz Unified Remediation Platform to automatically find and manage 1.2 billion vulnerabilities and resolve close to 500 million issues at root causes, saving significant security and engineering time, plus dramatically reducing the chance of security incidents.
Between 2023 and 2024, Dazz says it achieved a 400% growth in annual recurring revenue (ARR), while tripling its salesforce and expanding its presence in the US, Europe, and Israel.
Bahat says, "In a world where security breaches occur on average every 11 seconds, the constant rise in AI-powered threats presents a prominent danger of more efficient and scalable attacks. At Dazz, we are experiencing remarkable business momentum, thanks to a critical market gap that Dazz uniquely addresses. The last year proved that our innovation and execution leads to unprecedented growth, which this new round of funding will accelerate."
Dazz has impacted legacy vulnerability management and remediation processes through patented AI, automation, and root-cause analysis technologies that enable security and engineering teams to identify, prioritize, and fix vulnerabilities in hours instead of weeks. The company’s Unified Remediation Platform provides holistic visibility across all detection tools and environments, including code, clouds, security issues and reducing the Mean Time to Remediate (MTTR).
Published by Globes, Israel business news - en.globes.co.il - on July 24, 2024.
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