Grip Security Collects $41 Million To Assist Organizations In Managing SaaS Identity Risk
Grip Security, which offers businesses solutions to safeguard their SaaS apps, revealed on August 22, 2023, that it had collected $41 million in Series B funding. This round was backed by Third Point Ventures, supported by prior investors YL Ventures, Intel Capital, and The Syndicate Group.
The firm, founded in 2021, has refined its message and emphasizes its ability to eliminate SaaS identity risk. Even though several firms are experiencing growth in the usage of SaaS products and cloud accounts, not all of these are under the oversight of IT and security departments. Grip’s application gives teams a transparent view of employee tool usage and enables secure user permission control.
According to Lior Yaari, co-founder of Grip Security:
“The two biggest challenges today for almost every security organization is SaaS and identity and the intertwining between them,”
He further describes the application and says workers who register for SaaS apps develop a personality for the organization. They establish online identities over which the security team has accountability but no control. As a result, we provide customers with visibility and analytics to streamline this process. They can pay by risk—by refraining from anything—or by time—by personally doing it. Another step is to invest in technology and employ automation to reduce risk.
Grip Security’s Expansion:
Grip Security claims its bookings have increased 400% in the last year, with a few Fortune 500 organizations currently employing its service. In addition, the company expanded its personnel base and strengthened its go-to-market operations, particularly in the United States. The company plans to enter new geographical areas with a growing global demand for SaaS safety products. So we can expect them to dominate the future market and bring innovative and resourceful solutions.
The company is about to launch a new feature to solve the biggest compliance challenge companies are facing. The feature will allow businesses to enforce multifactor authentication across SaaS products.