About Grip Security
Based out of Tel Aviv, Grip Security is a SaaS startup company that specializes in cybersecurity. The business was founded to “bring much-needed innovation to SaaS security.” With Grip Security, clients are able to discover and protect their SaaS applications from any device in any location.
The startup company provides comprehensive visibility, governance, and data security, making full SaaS portfolio visibility easier for enterprises to access. The cybersecurity business claims that it provides nearly 100% SaaS application visibility to enterprises.
Lior Yaari, co-founder and CEO of Grip Security, said in an interview, “SaaS is becoming a problem, with the ever-growing landscape of SaaS within enterprises...Hundreds of applications are being used, and there is a lack of tools to control that.”
Grip Security is competing against and innovating upon traditional cloud access security brokers (CASB) as it unites traffic across every user and device and covers the security blindspots of traditional CASB. McAfee defines a CASB as a “cloud-hosted software or on-premises software or hardware that act as an intermediary between users and cloud service providers.”
With an endpoint-centric approach, the startup company can protect enterprises from the edge while also enhancing their browsing experience, avoiding interference in employee workflow. As a result, the business offers three different cybersecurity platform packages. Customers can decide on how much SaaS visibility and protection they would like.
$6 Million in Seed Funding
Grip Security announced in a press release the startup company raised $6 million in seed funding led by YL Ventures with participation from George Kurtz, CrowdStrike CEO and co-founder. Other cybersecurity investors also participated.
The business is providing an essential service for enterprises. Grip Security cited a 2019 report published by Blissfully that stated 68% of organizations reported they are mostly or all SaaS-driven, and more than half of enterprises listed security as their top concern.
Ofer Schreiber, partner at YL Ventures, said in a statement, “The founding team at Grip Security brings deep technical acumen to disrupt the SaaS security market...Grip will not only upend antiquated SaaS security solutions, but they’ll also help enterprises implement much needed automated and granular security for SaaS, the fastest-growing segment in information technology.”
It was reported the cybersecurity business would use the new capital to build out its current platform, particularly in providing access governance and data governance to applications. In addition, the startup company plans to increase its staff.
The Industry and Competitors
While Grip Security is just starting out, the business is competing against other SaaS companies in the secure access service edge (SASE) category. Fellow Israeli startup Cato Networks raised $207 million last year in two different rounds. In the United States (US), Boston-based Iboss raised $145 million in January.
Grand View Research reported the global cybersecurity market was valued at $156.5 billion in 2019 and is projected to grow at a CAGR of 10% between 2020 to 2027.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.