RevealSecurity, an Israeli data security startup building technology to thwart malicious insider threats, on Tuesday announced the closing of a $23 million funding round led by SYN Ventures.
In addition to SYN Ventures, Hanaco Ventures, SilverTech Ventures and World Trade Ventures also joined as RevealSecurity investors.
The Series A financing provides capital for the Tel Aviv-based company to build “Application Detection and Response” technology capable of ferreting out malicious activities executed by insiders and imposters in enterprise applications.
The company said the funding will be used on product development and global expansion initiatives.
RevealSecurity is joining a crowded market of well-capitalized startups hawking products and services that provide attack surface visibility in hybrid cloud environments.
“The market-wide shift for business-critical functions from on-prem to SaaS and the cloud has expanded the attack surface for malicious activities by imposters and trusted users,” RevealSecurity explained in a note accompanying the funding announcement. “This trend has resulted in a greater need for solutions that monitor user activities accurately, to detect business process attacks in a way that scales across multiple different types of applications.”
The company said its detection technology is application agnostic and is capable of analyzing user journeys in and between different applications – SaaS, cloud and custom-built applications to detect suspicious user journeys.
SYN Ventures managing partner Patrick Heim said he invested in the company because it is addressing the perpetual challenge in cybersecurity to “find the needle in a haystack.”
“[Finding] those singular bad events among the billions of records that are generated in the format of event logs. This requires breakthrough technology,” Heim added.
RevealSecurity said its technology can be used to protect enterprise organizations against cases in which either an authenticated user is taking advantage of their permissions to perform malicious activities, or when an impersonator successfully bypasses authentication mechanisms to pose as a legitimate user.
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