Israeli software-as-a-service security platform startup Grip Security Ltd. announced today that it has raised $41 million in new funding to accelerate its growth trajectory, including expanding investment in go-to-market teams, research and development, operational functions and global expansion.

Founded in 2021, Grip offers a SaaS security management platform that offers comprehensive visibility across all enterprise SaaS applications. The company’s automated solution is designed to discover shadow applications and dormant accounts that have ungoverned continued access to customer data and production environments.

Grip Security argues that while the current economic environment is causing companies to reevaluate their cybersecurity budgets, SaaS identity risk management remains a critical investment area. In a world where data is stored everywhere and accessed from anywhere and digital transformation initiatives are accelerating this trend, a comprehensive approach to managing identity sprawl risks is vital.

This is where Grip steps in, with an approach of leveraging identity as the primary control point to deliver a solution to discover, prioritize, secure and orchestrate the mitigation and remediation of identity risks. Grip claims that by using its platform, visibility is no longer the sole issue for security teams.

The service is designed to be quicker and more intelligent than malicious actors. The company provides customers with rapidly deployed solutions for access management and data governance that look beyond cloud access security broker solutions and web gateways.

Since last raising funding in 2021, Grip Security has seen strong growth, including bookings surging by over 400% over the past year, though it didn’t provide absolute numbers. Third Point Ventures LLC led the Series B round, with YL Ventures LP, Intel Capital Corp. and The Syndicate Group LLC also participating.

“With the continued rise of SaaS adoption comes the exponential increase of cybersecurity threats,” Sunil Kurkure, managing director at Intel Capital, said in a statement. “With Grip Security’s unique approach and emphasis on identity as the key control point, businesses are able to embrace SaaS adoption securely and feel confident that their data is protected.”

Including the new funding, Grip Security has raised $66 million to date.

Photo: Grip Security