mitiga Raises $25M Series A to Revolutionize Cyberattack Response

Mitiga Secures $25 Million in Series A Funding to Revolutionize Incident Response

Mitiga, an Israeli cloud security startup, has successfully closed a $25 million Series A funding round. This investment will fuel the company’s mission to fundamentally alter the conventional approach to incident response.

A Shift in Cybersecurity Focus

Unlike many cybersecurity firms focused on preventing attacks, Mitiga acknowledges that breaches are often unavoidable. The company concentrates on empowering organizations to effectively manage and recover from incidents, especially within increasingly complex hybrid and multicloud environments.

Following a $7 million seed funding round in July of the previous year, Mitiga asserts its technology dramatically reduces recovery time. Organizations can now bounce back from security incidents in hours, rather than days.

How Mitiga's Technology Works

Mitiga’s subscription service automatically identifies network breaches. It then swiftly initiates investigation, gathers crucial data, and translates findings into actionable remediation steps.

These steps are delivered to the appropriate teams within an organization, enabling a rapid and efficient response. Furthermore, the platform meticulously documents each incident, facilitating root cause analysis and preventing future occurrences.

Investment Details and Future Plans

ClearSky Security, Atlantic Bridge, and DNX spearheaded Mitiga’s Series A funding. The startup intends to utilize these funds to further disrupt the incident readiness and response landscape.

A significant portion of the investment will be allocated to expanding its teams across cybersecurity, engineering, sales, and marketing.

The Growing Need for Cloud Incident Response

This funding arrives during a period of evolving perspectives on incident readiness within enterprise organizations. Accelerated cloud adoption, driven by the pandemic, is a key factor.

Cloud service spending is projected to exceed $332 billion this year alone. This rapid expansion has simultaneously created more opportunities for malicious actors, with cloud-based cyberattacks increasing by 630% in the first four months of 2020, as reported by McAfee.

Mitiga's Unique Position

“We’re delivering the industry’s first incident response solution specifically designed for the cloud, addressing the unique challenges it presents,” stated Tal Mozes, co-founder and CEO of Mitiga.

“This funding will enable us to deepen our collaborations with enterprise security leaders, attract top cybersecurity talent, and broaden our partner network. We are excited about the impact Mitiga will have on cloud-first organizations prioritizing cybersecurity readiness.”

Company Background and Services

Founded in 2019 by Tal Mozes, Ariel Parnes, and Ofer Maor, Mitiga currently employs 42 individuals. The team operates from locations in Tel Aviv, London, and New York.

Mitiga serves a diverse clientele, including financial institutions, banks, e-commerce businesses, law enforcement agencies, and government organizations.

In addition to its subscription services, Mitiga offers emergency response support to address active network security incidents, such as ransomware attacks and data breaches, for organizations that are not subscribers.