Cyberhaven, which claims to be the industry’s first data detection and response platform, has secured $33m in an oversubscribed Series B round.
Redpoint Ventures served as the lead investor, with commitments also coming from Forgepoint Capital and Wing. Existing Cyberhaven backers Vertex Ventures US, Costanoa and Crane also joined the Series B.
The company claims that millions of sensitive documents, files and other data is stolen or misused because existing security products fail, resulting in an estimated $600bn annual cost on the US economy, Cyberhaven said.
Cyberhaven was created to change the way data is protected by tracing all movement of data all the time, correlating events across endpoints and cloud apps, applying graphs to detect risk and enforce accurate policies.
The company offers a fully managed SaaS-based service that needs zero infrastructure deployment and management.
Cyberhaven CEO Howard Ting said, “Enterprises are defined by their data, and it’s time to put data at the centre of their security model. DLP, CASB, and Insider Risk tools all nibble at disparate parts of the data security problem without solving the underlying issue.
“We are disrupting these product categories that have caused so much pain and frustration by using data lineage to automatically find and protect sensitive data of any type, in any file format, anywhere in the enterprise. This breakthrough innovation enables workflows to move to the cloud without enterprises losing visibility and control of what matters most – the data.”
With the close of the round, the CyberTech company has raised a total of $52m in equity.
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