- Orca Security announced it has raised $55 million in Series B funding led by ICONIQ Growth. These are the details.
Orca Security announced it has raised $55 million in Series B funding led by ICONIQ Growth with participation from previous investors GGV Capital, YL Ventures, and Silicon Valley CISO Investments, which will support the company’s rapid growth with more than $82 million raised in less than two years. And the funding will fuel Orca Security’s further disruption of the cloud security industry with touchless, workload-deep, context-aware security and compliance for AWS, Microsoft Azure, and Google Cloud Platform.
Even though competing cloud security solutions were built for on-prem environments, Orca Security was born in the cloud for the cloud. And Orca treats each customer’s cloud estate as an interconnected web of assets, prioritizing risk based on the underlying security issue combined with environmental context, including its accessibility and potential damage to the business. This context helps to reduce thousands of security alerts to the critical few that matter along with their precise path to remediation.
This unique ability is achieved using Orca Security’s patent-pending SideScanning technology — which reads the cloud configuration and workloads’ runtime block storage out-of-band to detect vulnerabilities, malware, misconfigurations, lateral movement risk, weak and leaked passwords, secret keys, unsecured PII, etc. And Orca Security has created the first cloud security solution that can meet these needs without agents or per asset integration, gaining full coverage literally within minutes.
With the Series B round, the $20.5 million Series A, and $6.5 million in seed funding, Orca Security is further expanding its cloud security and compliance capabilities. And by the end of 2021, Orca Security plans to have nearly tripled its R&D team since its A round in May of 2020. Plus it is also boosting its sales team to nearly 30 people to meet global product and customer demand. The company also plans to open new sales offices in the UK and Australia to serve the European and APAC markets.
The Series B funding round is being led by ICONIQ Growth — which invests in growing technology companies and employs a distinctive ecosystem to build enduring businesses. And the funding also includes participating investments from GGV Capital, who led the Series A as a global venture capital firm focused on companies shaping digital transformations, and YL Ventures who led the seed round and exclusively invests in groundbreaking Israeli cybersecurity companies. Plus a group of more than 50 prominent CISOs has again invested their pooled funds and technical expertise in Orca Security’s success through their recently formed SVCI (Silicon Valley CISO Investments) angel syndicate.
KEY QUOTES:
“Cloud security is fundamentally broken. Practitioners are forced to waste their time installing and maintaining security agents instead of managing actual security risks. Even after spending years plumbing agents in their environment, coverage is usually limited to less than fifty percent. What’s worse, agent-based solutions lack context. They can’t see beyond individual issues residing on individual assets, which leads to a never-ending barrage of meaningless security alerts. The fact is, competing solutions view cloud resources as simple lists whereas bad actors see a graph with a clear path of attack. Orca Security changes that paradigm by visualizing cloud resources through the lens of an attacker.”
— Avi Shua, CEO and co-founder of Orca Security
“We are very impressed with the depth, ease of deployment, and effectiveness of Orca Security’s technology, and believe in its potential to solve the growing problem in cloud security. We have been fortunate to partner with many high growth, high impact, emerging market leaders with an unmatched approach to solving customer needs and we have full confidence in Orca Security’s long-term opportunity as an important technology leader.”
— Matthew Jacobson, General Partner at ICONIQ Growth
“The market response to Orca has been second to none. Collecting numerous industry awards, Orca has seen impressive adoption by both enterprise and SMB security teams, increasing Orca’s revenue tenfold from its Series A. This buzz is well deserved as Orca provides immense value where agents and network scanners fail to. It not only depicts the vulnerabilities, but also outlines the full context of the business and cloud environment. GGV Capital is thrilled to double down on Orca in its Series B and support its stratospheric growth.”
— Oren Yunger, investor, GGV Capital
“Orca’s agentless cloud security solution is lightyears ahead of its time. But even our highest expectations didn’t account for how quickly Orca’s SideScanning technology transformed its sector. Thanks to a team of highly respected technologists and a powerful new approach to cloud security, Orca’s attracted the industry’s top talent, closed high-profile customers and secured a total of $82 million in funding in just under two years.”
— Yoav Leitersdorf, Managing Partner at YL Ventures
