Cybersecurity company Valence Security has raised $25m in Series A funding to scale the delivery of its SaaS Security Remediation Solutions to customers.
The round was led by Microsoft’s M12 venture fund.
There was also participation from seed investor YL Ventures and additional investors including Porsche Ventures, Akamai Technologies, Alumni Ventures and Michael Fey, CEO of Island and former president of Symantec.
This new investment round brings Valence’s total funding to $32m.
Valence claims to be the first business application mesh security company and is focused on managing the risks from third-party integrations and securing app-to-app connectivity in the modern business environment.
The company’s platform applies zero trust principles to the business application mesh to deliver comprehensive visibility into the risk surface, reducing unauthorised access and preventing critical data loss.
The firm added that with its technology, companies get a clear view of the business application mesh and a clear path to control, govern and secure it.
Yoni Shohet, CEO and co-founder of Valence, said, “We initially launched Valence to address the critical need we saw to harden organisations against the growing risks of SaaS supply chain attacks in a way that takes into account business context and doesn’t impede the velocity of SaaS adoption and usage.
“With the continuous surge in additional SaaS security breaches in 2021, accelerating into 2022 with attacks on inherently secure services such as Okta, Google and GitHub, our commitment to building the first collaborative, automated remediation platform has paid off.
“Customer response has been overwhelmingly positive and demand for our solution has been strong. As we have expanded our vision to include collaborating with end users to remediate other SaaS risks such as external data sharing and user identities managed outside of the organization’s IdP, our value to our customers as their go-to SaaS security solution has only continued to grow.”
Valence secured $7m in a seed funding round led by YL Ventures in October last year.
Copyright © 2022 FinTech Global
