More funding for Israel’s SaaS security startups as Atmosec raises $6 million seed round
Israeli SaaS security startup Atmosec today announced having raised a $6 million seed round led by Israeli VC firm Glilot Capital Partners and American fund Battery Ventures. Its team had previously participated in Intel Ignite’s fourth Tel Aviv startup acceleration cohort.
Now out of stealth mode, Atmosec wants to make it more secure for companies to use a flurry of cloud SaaS solutions, from Slack to ServiceNow. Its solution focuses on anomaly detection based on automatic monitoring to notify clients of potential issues and prevent attacks.
Quoting data from Statista, Atmosec points out that the number of SaaS apps used by organizations is on the rise, with an average of 110 in 2021. This makes sense, but also poses security challenges, as many of them “have inadequate systems to manage third-party risk,” said Adi Dangot Zukovsky, of Battery Ventures.
This is where Atmosec comes in, Dangot Zukovsky explained, “with new technology that provides cloud-native enterprises with greater visibility into their existing systems and helps them lower the risk of outsiders exploiting their third-party business applications and app-to-app connectivity paths.”
Atmosec’s seed round counted with participation from other Israeli entrepreneurs in the security space, such as Wiz‘s CEO Assaf Rappaport, Talon Cyber’s CEO Ofer Ben-Noon, and Armis’ co-founders Yevgeny Dibrov and Nadir Izrael. Co-founders Aner Gelman, Misha Seltzer, and Shaked Gitelman are themselves former executives at Armis, which recently raised $300 million to expand beyond IoT.
There’s additional connection between the two startups, Gelman said: “We’re leveraging some of the technologies and concepts that we helped build out at Armis, and without giving away too many trade secrets, we’re utilizing continuous machine learning with baseline analysis that identifies anomalies in connections based on actual and potential behavior, not just configurations.”
With Gelman and his two co-founders all being army intelligence veterans, it is not too surprising that there’s a bit of secrecy involved. The TL;DR is that understanding the behavior helps Atmosec detect anomalies its clients need to address. But now that the company is out of stealth, it is likely that it will start sharing a bit more with its potential users on how it differentiates from competitors.
Having recently learned that fellow Israeli SaaS security startups Grip Security and Adaptive Shield had respectively raised $19 million and $30 million Series A rounds, this is definitely a hot space we are keen to learn more about.