Grip Security has successfully raised $41 million in Series B funding led by Third Point Ventures, alongside contributions from YL Ventures, Intel Capital, and The Syndicate Group.
This funding milestone elevates Grip Security’s total funding to $66 million, propelling the company’s go-to-market strategy and product development efforts. Addressing the escalating need for comprehensive SaaS identity risk management in today’s dynamic IT landscape, Grip Security is positioned to tackle this pressing challenge.
While the current economic climate prompts businesses to reassess their cybersecurity budgets, SaaS identity risk management remains a crucial focus area for investment.
Grip Security’s innovative approach comes to the forefront as organizations grapple with the data storage and access complexities of a world driven by SaaS applications and digital transformation initiatives. The Grip SaaS Security Control Plane (SSCP) platform offers an effective strategy to handle the risks stemming from widespread business-oriented SaaS adoption, enabling the identification, prioritization, and security of these vulnerabilities.
As the adoption of SaaS applications surges, the vulnerability of these apps to malicious activities highlights the necessity for robust security measures. Despite budget constraints, CISOs recognize the urgency of managing the identity sprawl associated with the ever-expanding array of SaaS applications.
The funding boost empowers Grip Security to amplify its market presence, fueling the expansion of go-to-market teams, research and development, and operational functions in both Israel and the United States. This injection of funds will also facilitate Grip Security’s expansion into untapped geographic regions while consolidating its leadership position.
