Atmosec Raises $6 Million Seed Round for SaaS Security

Atmosec Secures $6 Million Seed Funding to Enhance SaaS Security

Atmosec, an Israeli SaaS security startup, has announced the completion of a $6 million seed funding round. The investment was spearheaded by Glilot Capital Partners, an Israeli venture capital firm, and Battery Ventures, a US-based fund.

Emerging from Stealth Mode

Previously, the Atmosec team participated in the fourth cohort of Intel Ignite’s Tel Aviv startup accelerator program. Now operating outside of stealth, the company aims to bolster the security of organizations utilizing numerous cloud-based SaaS applications, including platforms like Slack and ServiceNow.

Focus on Anomaly Detection

Atmosec’s core offering centers around anomaly detection. This is achieved through automated monitoring systems designed to alert clients to potential security issues and proactively prevent attacks.

The Growing Complexity of SaaS Adoption

According to data from Statista, the adoption of SaaS applications within organizations is rapidly increasing. In 2021, the average organization employed approximately 110 SaaS apps.

Addressing Third-Party Risk

This widespread adoption introduces significant security challenges. Many SaaS solutions lack robust systems for managing the risks associated with third-party access, as noted by Adi Dangot Zukovsky of Battery Ventures.

Atmosec's Solution: Enhanced Visibility and Risk Reduction

Atmosec provides a solution by offering cloud-native enterprises greater insight into their existing systems. This increased visibility helps to mitigate the risk of external actors exploiting third-party business applications and the connections between them, explained Dangot Zukovsky.

Strong Backing from Security Industry Leaders

The seed round also attracted investment from prominent figures in the Israeli security sector. Participants included Assaf Rappaport, CEO of Wiz; Ofer Ben-Noon, CEO of Talon Cyber; and Yevgeny Dibrov and Nadir Izrael, co-founders of Armis.

Founding Team's Expertise

Atmosec’s co-founders – Aner Gelman, Misha Seltzer, and Shaked Gitelman – are all former executives from Armis, a company that recently secured $300 million in funding for expansion beyond IoT security.

Leveraging Prior Experience and Advanced Technology

Gelman stated that Atmosec is building upon technologies and concepts developed during their time at Armis. They are employing continuous machine learning and baseline analysis to identify anomalies in connections based on observed and anticipated behavior, rather than solely relying on configurations.

A Foundation in Intelligence

All three co-founders are veterans of Israeli army intelligence, which contributes to the company’s emphasis on discretion. Essentially, understanding typical behavior allows Atmosec to pinpoint anomalies requiring attention.

Competitive Landscape and Future Outlook

With the recent funding rounds of fellow Israeli SaaS security companies, Grip Security ($19 million) and Adaptive Shield ($30 million), it’s clear this is a rapidly growing and competitive market. Further details on Atmosec’s differentiating factors are anticipated as the company expands its outreach.

The company is now positioned to share more information with potential users regarding its unique approach to SaaS security.