Dig 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."