Mitiga Secures $30 Million Series B Funding for Cloud Security Expansion
Mitiga, a cybersecurity firm specializing in the detection and remediation of cloud and Software as a Service (SaaS) cyberattacks, has successfully raised $30 million in a Series B funding round. This financial infusion aims to enhance the company’s market presence in Europe, invest in research and development, and bolster automated remediation capabilities. The announcement was made by Co-founder and CEO Tal Mozes, who highlighted the importance of this funding in advancing their technological capabilities.
Targeting the rapidly evolving landscape of cyber threats, Mitiga aims to address the growing complexity of attacks that often exploit vulnerabilities within cloud infrastructures. The funding comes at a pivotal moment as attacks against SaaS and cloud services have reportedly doubled year-over-year, underscoring the urgent need for advanced detection and incident response tools. Mozes noted that the Series B funding will allow Mitiga to extend its timeline to reach critical milestones while maintaining a judicious approach to capital allocation to minimize company dilution.
The New York-based company, founded in 2019, aims to differentiate itself from competitors. Its unique approach centers on an extensive forensics data lake and a commitment to holistic visibility, designed to uncover and investigate sophisticated threats across multiple platforms. By integrating and analyzing data from various services—currently supporting 73 products including AWS, Azure, and Google Cloud Platform—Mitiga strives to offer a comprehensive view of potential threats, particularly focusing on the transition from SaaS applications to broader cloud-based environments.
The prominence of cloud and SaaS solutions in enterprises has created a burgeoning market for cybersecurity services. Regulatory requirements, such as the EU’s General Data Protection Regulation (GDPR), mandate timely communications regarding data breaches, thereby increasing the demand for effective detection and response strategies. In light of this market trend, Mitiga plans to establish a formidable go-to-market team to enhance sales strategies, transitioning from a founder-led initiative to a more structured, team-oriented approach.
Mitiga has raised a total of $75 million in funding to date. The latest round follows a $13 million Series A extension led by ClearSky Security, which was concluded 22 months ago. With the guidance of influential investors like John Waters, former president and COO of Mandiant, Mitiga looks to refine its strategic outreach and expand its clientele.
In terms of cybersecurity tactics leveraged by adversaries, several MITRE ATT&CK techniques could potentially characterize the attack methods used against SaaS and cloud infrastructures. Tactics such as initial access, where adversaries might exploit misconfigurations or credentials, followed by persistence techniques, could provide attackers continued access to compromised systems. Additionally, privilege escalation methods could be employed by attackers aiming to gain higher-level access to critical systems within the cloud environment.
As Mitiga moves forward with its European expansion and enhanced R&D efforts, the company will emphasize developing automated remediation tools. These tools will not only expedite the response to breaches but also allow security teams to efficiently manage vulnerabilities as soon as they are detected. Mozes emphasized that this proactive approach to incident management will play a crucial role in mitigating the impact of future cyber threats.
Overall, the rapid adoption of cloud and SaaS services, coupled with the increasing sophistication of cyber threats, create a formidable landscape for organizations. Mitiga’s commitment to advanced threat detection and remediation strategies positions it well to provide essential services that support businesses in fortifying their cybersecurity defenses.
