Grip Security raises $6m in a YL ventures-led Seed fund

SaaS News -Grip-Security-raises-$6-million-seed(source: SaaS Industry)
At a Glance

A SaaS security management platform, Grip Security, has raised $6 million in Seed funding led by YL Ventures and a group of other angel investors having deep roots in the cybersecurity industry. 

The proceeds shall be aimed at building out its platform with additional capabilities such as providing data and access governance to applications and growing 20-25 employees within the next year. 

CrowdStrike CEO and co-founder George Kurtz; operating partner at YL Ventures, Andy Ellis, former Zscaler CISO Michael Sutton, former Bank of America Chief Security Scientist Sounil Yu, and Amazon Whole Foods CISO Sameer Sait, had also participated in the funding.

Where is the difference?

Usually, enterprises relying on third-party SaaS applications for their businesses do not have competent security organizations of their own. At present, Cloud Access Security Brokers (CASBs) act as intermediaries between users and the actual services but do not provide the necessary visibility. Grip Security provides a resolution by providing enterprises with full visibility via “enforceable endpoint-centric access controls and new data governance capabilities.” Most of the popular CASBs today were founded around 2013 and 2014 and then later acquired by other major players like Microsoft, Cisco, and Proofpoint. 

Even though Grip Security CEO and co-founder was reluctant to reveal how Grip Security provides full security, he said,

“We do not install anything on user devices or corporate networks, but we follow the footprints left by SaaS applications and use this data to identify with extreme accuracy what applications were used.” He noted that Grip Security’s solution travels with the users, no matter which device they use.”

Commenting on Grip Security’s technical prowess to disrupt the SaaS security market, Ofer Schreiber, partner at YL Ventures, said,

“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.”

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