Today, we announced a $30M series A round of financing led by New York-based global private equity and venture capital firm Insight Partners, with additional investors including Okta Ventures and existing investor, Vertex Ventures Israel. Adaptive Shield will use the funding to enable companies to secure their SaaS stacks, many of which are already compromised due to misconfigurations.
As businesses rely on multiple SaaS applications, typically hundreds of them, ensuring that each is configured properly becomes unmanageable – our 2021 report found that 85 percent of respondents cite SaaS misconfigurations as one of the top three risks. This issue is being exacerbated by unrealistic expectations that are being placed on app owners— most organizations today are delegating security to less-trained staff who sit outside the security department’s day-to-day purview.
Our SaaS Security Posture Management Suite (SSPM) removes this burden and risk by providing deep visibility and remediation for potential risks caused by misconfigurations and misappropriated privileges. In September, SSPM was named one of the “4 Must-Have Technologies That Made the Gartner Hype Cycle for Cloud Security, 2021.” Gartner states, “SSPM tools reduce risk by continuously scanning for and eliminating configuration mistakes, which are the most common cloud security failures.”
“Expecting security teams to stay on top of SaaS Security misconfigurations without a proper SSPM solution in place is like expecting a bodyguard to protect an invisible person. Deep visibility and continuous maintenance of SaaS security hygiene is crucial to keeping the company secure” said Maor Bin, CEO and Co-Founder of Adaptive Shield. “Thanks to this latest round of funding, we will be able to further evolve our SSPM offering while extending our reach to meet growing demands from businesses around the globe looking to increase their SaaS usage while eliminating any risk.”
Adaptive Shield’s SSPM Suite features proactive, continuous and automated monitoring capabilities and a built-in knowledge base of compliance standards and benchmarks. As a SaaS that integrates with SaaS, the Adaptive Shield solution can be live within minutes. Once in place, it delivers customers clear visibility into their whole SaaS ecosystem, sending detailed alerts at the first sign of a security misconfiguration and proactively fixing these for all global settings and user privileges.
“As SaaS adoption rises and these threats continue to intensify, Adaptive Shield's Fortune 100 customers have made it clear that with its application-agnostic architecture and ability to rapidly connect to any data object, only one company is capable of securing a business's evolving SaaS estate," said Thomas Krane, Principal at Insight Partners. "We look forward to partnering with Adaptive Shield and supporting their rapid growth in the years ahead.” Thomas Krane will join Adaptive Shield’s board.
“Adaptive Shield’s ramp up time in our environment was immediate and provided key insights to our security team without overwhelming users with too much data,” said Stephen Ward, Managing Director at Insight Partners and former CISO of Home Depot. “Adaptive Shield’s solution is focused on immediate risk reduction and product value. Their strong founding team, with an impressive security pedigree, make Adaptive Shield a standout in the industry.
This latest round of finances also includes an investment from Okta Ventures, which commences a technology integration between the two companies.
“Okta is committed to creating a world where anyone can safely use any technology. This includes SaaS-based solutions that have become imperative to businesses as they evolve and become more decentralized,” said Austin Arensberg, Director, Okta Ventures. “Adaptive Shield’s success in eliminating the risks that come with the use of SaaS applications aligns with our commitment to bring simple and secure access to people and organizations everywhere.”
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
The original PR was released through PR Newswire on October 5, 2021.