Enterprise security provider Avanan recently announced that it has raised $25 million in a Series B funding round led by the existing investors StageOne Ventures, Magma Venture Partners, and Greenfield Partners. The Israel-based company stated that it will use the new investment to accelerate the growth of its product platform.
Founded in 2014 by Gil Friedrich, Avanan provides security solutions for SaaS based email and collaboration platforms. The company claims that its technology allows companies to operate their data security systems on cloud applications and helps them secure the Office 365 suite, Google’s G Suite, Box, ShareFile, Slack, and other collaboration SaaS applications from phishing attacks, malicious content, and data leakage. Avanan’s multi-vendor platform allows its clients to choose security technologies from the leading vendors in the security industry.
“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,” says Avanan CEO Gil Friedrich. “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.”
Speaking on the new investment move, Yuda Doron, Managing Partner at Greenfield Partners, a TPG Growth investment platform, said, “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. 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.”