Nudge Security, a leading provider of modern SaaS security and governance, announced new funding from Forgepoint Capital. This funding, which joins Ballistic Ventures, brings the startup’s seed funding to $16.5 million. Forgepoint Co-Founder and Managing Director Alberto Yépez will join the Nudge Security board in connection with the funding round.
Since coming out of stealth, Nudge Security has seen exponential growth, averaging 115% quarter-over-quarter revenue growth and acquiring over 100 customers in just 18 months. To date, Nudge Security has discovered over 38,000 unique SaaS applications in customer environments, highlighting the breadth of SaaS sprawl in most organizations. The customers include leading cloud-native organizations and forward-thinking IT and security teams from financial services, healthcare, biotechnology, entertainment, and more industries.
Nudge Security also shipped 43 feature releases in the last year and plans to use the new investment to continue this rapid pace of innovation and scale its go-to-market engine.
Nudge Security’s patented method of SaaS discovery is well-suited for this challenge, as it allows the discovery of virtually any new SaaS application as soon as it is introduced without the need for any prior knowledge of the tool’s existence. So far, Nudge Security has created security profiles for over 700 unique generative AI tools, putting relevant security information at the fingertips of IT and security teams so they can quickly vet newly introduced applications. Plus Nudge Security can also automate nudges to end users to share acceptable use guidance or suggest already approved AI alternatives as soon as new AI accounts are detected.
Nudge Security is also additionally the only SaaS security solution that provides visibility into the AI supply chain, showing which AI applications are used in the digital supply chains of each SaaS provider. And with this visibility, customers can readily understand where AI dependencies could introduce risks.
KEY QUOTES:
“With its patented, turnkey approach to SaaS discovery and observability, Nudge Security offers complete visibility and governance over every SaaS and cloud asset ever used organization-wide – a critical need especially with the explosive adoption of GenAI and increased digital supply chain risks. We are thrilled to partner again with Co-Founders Russell Spitler and Jaime Blasco as they bring to market Nudge’s intuitive, groundbreaking solution, following our remarkable journey together at AlienVault with then CEO Barmak Meftah and CTO Roger Thornton.”
– Forgepoint Co-Founder and Managing Director Alberto Yépez
“The enthusiasm from customers has been phenomenal. We are clearly addressing an acute source of pain for modern security teams in a way that is scalable and enables them to help drive the business forward rather than slowing things down with arcane IT governance processes.”
– Russell Spitler, Co-Founder & CEO of Nudge Security
“Nudge’s exceptional team and relentless innovation are propelling a groundbreaking approach to SaaS security and governance that actually empowers the modern workforce. We’re delighted to welcome Forgepoint and look forward to their investment and expertise accelerating the company’s existing momentum.”
– Roger Thornton, Co-Founder and General Partner at Ballistic Ventures
