Cybersecurity startup Orca Security lands £41M to scale in UK and Germany
With the cyberattacks and online breaches on the rise, cloud security maintenance has become the main point of focus during the Covid-times. Orca Security, based out of Los Angeles is one of the startups embracing the opportunity to disrupt the Cloud Security industry.
Raised £41 million
Recently, the company raised a $55 million (approx £41 million) Series B round led by ICONIQ Growth with participation from previous investors GGV Capital, YL Ventures, and Silicon Valley CISO Investments. This brings the total funding to over $82 million (approx £61.4 million) in less than two years.
“Cloud security is fundamentally broken. Practitioners are forced to waste their time installing and maintaining security agents instead of managing actual security risks,” said Avi Shua, CEO and co-founder of OrcaSecurity. “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. OrcaSecurity changes that paradigm by visualising cloud resources through the lens of an attacker.”
How will the funding be used?
The US-based company will use the funding to disrupt the cloud security industry with touchless, workload-deep, context-aware security and compliance for AWS, Microsoft Azure, and Google Cloud Platform.
By the end of 2021, Orca Security plans to triple its R&D team, and also expand its sales team to nearly 30 people to meet global product and customer demand.
Further, it also plans to open new sales offices in the UK and Australia to serve the European and APAC markets.
Prioritise alerts that matter
Unlike other tools, Orca treats each customer’s cloud estate as an interconnected web of assets, prioritising risk based on the underlying security issue combined with environmental context, including its accessibility and potential damage to the business.
Delivered as SaaS, Orca Security’s patent-pending ‘SideScanning technology’ reads cloud configuration and workloads’ runtime block storage out-of-band, detecting vulnerabilities, malware, misconfigurations, lateral movement risk, weak and leaked passwords, and unsecured PII.
“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,” said Matthew Jacobson, General Partner at ICONIQ Growth
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,” said Oren Yunger, investor, GGV Capital. “It not only depicts the vulnerabilities, but also outlines the full context of the business and cloud environment.”
“Orca’s agentless cloud security solution is lightyears ahead of its time,” said Yoav Leitersdorf, Managing Partner at YL Ventures. “But even our highest expectations didn’t account for how quickly Orca’s SideScanning technology transformed its sector.”