After raising capital from cyber companies like CyberArk and CrowdStrike only four months ago, the Israeli cyber company Dig Security announced today (Wednesday) a Series A fundraising round of $34 million. The round was led by SignalFire with participation from the investment arm of cyber giant Okta, Felicis Ventures, and Israel’s Team8 which led the previous round. Cyberark and Crowdstrike also joined this round, along with the investment arm of Merlin Cyber.
Responding in real-time to cloud attacks
Dig's product gives organizations full control over their cloud data and provides real-time detection and response (DDR) to hacking events and potential theft of information and data. The agentless system connects to the client's cloud environment –no matter which cloud it is in – scans the cloud environment, and identifies any place where there is data, whether it is a data asset that is managed by the cloud or one that is managed independently by the customer. This way, the company can identify Data Assets that were forgotten or not properly reported by the team that used them and those that were not known to exist (the so-called Ghost Shadow Data Assets).
After mapping the data, the company's product categorizes it to understand what type of information it is (for example, financial information, customer personal information, or other sensitive information) to give the customer full visibility of where their sensitive information is stored and what the security failures are– all in order of importance. In addition, the company monitors every action that is performed against the information in the cloud, to identify prohibited or unusual use and block it, whether it was performed by an application, employee, or any other source that accesses the information.
In a conversation with Geektime, Dan Benjamin, the company's CEO and one of its founders said that Dig's great advantage over its competitors is "identifying and thwarting attacks in real-time. Unlike competitors who only deal with static risks around information, Dig adds an additional layer of identifying and responding to dynamic risks (DDR) and enables comprehensive protection of corporate information.” Dig Security was founded in 2021 by Dan Benjamin (CEO), Gad Akuka (CTO) and Ido Azran, VP of R&D. 2 of the entrepreneurs met during their army in Unit 8200, but parted ways to build and sell startups in the cyber world (Crossense and Segasec), while also going on to working at companies like Google and Microsoft.
You raised money again in such a short time. Was this round oversubscribed? Should you have told the investors “No thanks"?
"The last fundraising round was very competitive for the various investors. We received good offers from many promising investors. We are proud to cooperate with investors such as SignalFire, Okta, Felicis and, of course, Team8 who have been with us all along.”