Okta Ventures Joining Previous Investors CrowdStrike and CyberArk Ventures, Enabling Dig to Redefine Cloud Data Security for the Modern Enterprise
Dig, the cloud data security leader, today announced that it has secured a $34 million Series A investment led by San-Francisco-based venture capital firm, SignalFire, with participation from Felicis; Okta Ventures; Nir Polak, Venture Partner at SignalFire and Founder and Chairman of the Board at Exabeam; Jack Huffard, Co-Founder of Tenable; and existing investor, Team8. The latest investment will accelerate go-to-market efforts to meet the growing demand for the Dig Data Security Platform and deliver new enhancements that solve the difficult problem of securing cloud data. Dig’s Series A brings its total funding to $45 million less than a year after its seed round in October 2021, enabling Dig to further advance its single platform, single policy engine approach for multi-cloud environments.
Today there is more data in the cloud than on-prem. Yet, there are no adequate solutions to protect it. Cloud data security is a top priority for organizations. According to the 2022 Cost of a Data Breach Report by IBM Security and Ponemon Institute, nearly half of all data breaches over the last year were cloud-based. In addition, there is increasing regulatory pressure to secure customer data, with new and stricter data security standards set by the Consumer Financial Protection Bureau (CFPB) and in the FTC Safeguards Rule. Unlike other cloud security providers, Dig uses a comprehensive threat model for cloud data attacks that detects, analyzes, and instantly responds to cloud data threats to minimize business impact and damage with an average mean-time-to-detection (MTTD) of less than a minute.
“The global shift to the cloud has thrust unprecedented volumes of data into potentially risky data stores. As a result, we’ve seen a sharp increase in cloud-based data breaches and rapidly growing demand for near-real-time protection,” said Dan Benjamin, CEO and Co-Founder, Dig Security. “Nowadays, a motivated attacker can breach cloud data in less than three minutes. Existing solutions like Cloud Security Posture Management (CSPM) only scan the environment every 24 hours, leaving the window open for another 480 attacks until the next scan. This latest investment is a validation of our approach and allows us to continue to make cloud data inherently more secure.”
With this investment, Dig will further its mission to build the largest data security company in the market while continuing to invest in R&D and expanding its security research and customer support teams. Dig’s customer base includes Fortune 500 companies, leaders in financial services, and business software and innovative SaaS-based technology companies across the U.S., Europe, and Israel.
The Dig data security platform is the industry’s first and only solution to combine data security posture management (DSPM), data loss prevention (DLP), and data detection and response (DDR) capabilities into a single platform. Dig is the only data security solution on the market that provides real-time detection and response to threats against data to stop potential data breaches early in the kill chain. It supports all cloud infrastructures, including AWS, Azure, and GCP, and popular data clouds like Snowflake and Databricks.
“Dig is uniquely positioned to help make DDR the standard for data security,” said Nir Polak, Venture Partner at SignalFire and founder and Chairman of the Board at Exabeam. “The rise of remote work and the increasingly high stakes of cloud attacks require real-time data security capabilities – too many organizations remain exposed to the risks that lurk behind the public cloud. Within cybersecurity, SignalFire seeks out purpose-built teams tackling large problems (beginning with our CIO being the first investor in McAfee and most recently with Horizon3) and believes Dan and the team are uniquely positioned to solve this challenge through their experiences at Google and Microsoft Cloud. SignalFire is thrilled to support Dig as the only vendor in the cloud data security market that provides real-time data protection across any cloud and any data store.”
As part of today’s announcement, Nir Polak is joining Dig’s board of directors from SignalFire.
For more information, visit dig.security.Investor Quotes
“The complexity, volume, and value of data are all rapidly evolving, and companies need more than just a simple point solution to manage cloud data assets. We’re thrilled to partner with Dig as they enable companies to detect and respond to cloud data threats in real-time, and bridge the gap between security, governance, and compliance,” said Jake Storm, Vice President at Felicis Ventures. “Dig is at the forefront and is bringing together key players such as CrowdStrike, Okta, and CyberArk to all push forward in a unified, herculean effort.”
“The key to data security is combining identity and data solutions through a strong collaboration between leading products,” said Austin Arensberg, Senior Director, Okta Ventures. “Investing in Dig Security and their unique approach provides strong opportunities for our shared customers to enhance their identity, data security posture, and real-time response to active threats.”
“In less than a year, we’ve witnessed outstanding momentum and growth by Dig Security,” said Liran Grinberg, Co-Founder and Managing Partner at Team8 Capital. “Dig is highly differentiated in the cloud data security market with unique technology that enables real-time detection and response for threats against sensitive data and an outstanding team of industry veterans in cloud and data security.”
Visit AITechPark for cutting-edge Tech Trends around AI, ML, Cybersecurity, along with AITech News, and timely updates from industry professionals!