Israeli cloud security company Orca Security today announced that it has completed a $210 million Series C financing round led by CapitalG, Alphabet’s independent growth fund, and Redpoint Ventures, at a $1.2 billion valuation. The funding round also included participation from existing investors GGV Capital, ICONIQ Growth, and CISO Investments (SVCI).
The company, which was founded in 2019 by former eight former Check Point executives led by CEO Avi Shua and CPO Gil Geron, has raised $300 million to date including the latest round and $55 million in December 2020. Orca Security has reached unicorn status in just two years. Geron said that most of the new investment will go into the company with a small element of founders cashing in shares.
Orca Security reports 1,000% year-on-year growth and customers include Robinhood, Databricks, Unity, Live Oak Bank, Lemonade and BeyondTrust.
The large new investment will allow Orca Security to expand further in the cloud security industry with its agent-less, workload-deep, context-aware security and compliance for Google Cloud, AWS, and Microsoft Azure. One of Orca's biggest rivals in the cloud security sector is Israeli company Wiz, which last week raised $130 million at a $1.7 billion valuation.
Shua said, "By creating a security solution that actually works, we are solving a fundamental problem that has been broken since the inception of cloud security. In the face of increasing threats and rapidly expanding cloud estates, organizations can’t be burdened with installing and maintaining agents and sidecars. We enable our customers to instantly protect their cloud environments, eliminate attack paths, fuel digital transformation, and meet compliance mandates."
By the end of 2021, Orca Security plans to have nearly tripled its R&D and sales teams since its Series A round in May 2020. The company also aims to expand its sales offices in Europe, recently opened a new office in Austria, and has plans to open an office in Australia to better serve APAC markets. Orca Security is also expanding its global partner program and is continuing to build rapid customer traction with partners in the US, Europe, Australia, and Japan.
Published by Globes, Israel business news - en.globes.co.il - on March 23, 2021
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