New York-based enterprise security provider Avanan announced it has raised $25 million in Series B funding from existing investors StageOne Ventures, Magma Venture Partners, and Greenfield Partners (TPG Growth investment platform).
In the past year, Avanan’s customer base increased ten-fold and the company protected over 1 million end user accounts in organizations across all industries ranging from startups to Fortune 100 companies.
Photo Credit: Avanan
“Companies that use SaaS-based email and collaboration platforms quickly realize that hackers find ways to bypass their security. Before Avanan, the options for additional security were limited to legacy email security vendors that tried to adapt their proxy solution to the cloud.” said Avanan CEO and co-founder Gil Friedrich in a statement. “Avanan takes a completely different approach to how we secure our customer’s environments. By connecting directly to the cloud we not only deploy faster, but we detect and block all the threats that proxies are unable to see due to their position outside the cloud. The difference to our customers is night and day.”
Avanan helps companies secure the Office 365 suite, G Suite, Box, ShareFile, Slack, and other collaboration SaaS applications from phishing attacks, data leakage, malicious content, and account takeover.
“Because Avanan scans after the default security but before the inbox, our anti-phishing algorithm is designed specifically to find and block the attacks Microsoft and Google miss,” added Avanan co-founder and VP of Product Roy Rotem. “This is a key reason for why we have the highest phishing catch rate in the industry.”
Using Avanan, customers are able to purchase predefined bundles containing security technologies from Avanan and Avanan’s partners. Or they can buy enterprise security software a-la-carte.
“We invested in Avanan because we believe the unified multi-vendor security platform is a revolutionary solution in a market that has so many point solutions,” explained Greenfield Partners managing partner Yuda Doron. “We are in the midst of the mass adoption of SaaS based email and collaboration; every company will need to adopt a solution like Avanan, just like they needed to install antivirus on their Windows PCs.”
