Dig Secures $34M in Series A Funding to Advance the Leading Cloud Data Security Solution
Today I am excited to announce that Dig Security has successfully raised a $34M Series A round, quadrupled our funding in less than a year for a total of $45M. This is a momentous occasion for our company and I am incredibly proud of what we have accomplished together in such a short period of time. Mere months ago, we emerged from stealth facing a rather uncertain, tumultuous economic environment with a recurring theme that venture markets were drying up. However, we could feel the wind at our tail, and today, Dig Security embarks on a new chapter, fueled by some of the most promising and innovative investors, partners, and team members in the industry.
First and foremost, I want to thank all those involved, particularly the team from SignalFire who led our Series A, as well as Felicis Ventures, Okta Ventures, and Team8, who participated in the round. And a special thank you to Nir Polak, Venture Partner at SignalFire and Founder and Chairman of the Board at Exabeam, and Jack Huffard, Co-Founder of Tenable - their collective belief in Dig Security and our data security platform is a testament to our ability to drive the market forward and solve the difficult problem of securing cloud data.
Data Security Built for the Modern Enterprise
As we look to the future, our vision is to create a security platform suited to address the data protection needs of the modern enterprise - the agile innovators, born in the cloud, that move beyond the speed of business. When Gad, Ido, and I started the company, we saw too many organizations struggling to know what data they have stored in the cloud and how sensitive it is, who is using this sensitive data, and what they can do to protect it from insider and outsider threats. In the meantime, cloud data breaches continued to wreak havoc on enterprises with increasing volume and velocity.
For the first time, there is more enterprise data stored in the cloud than on-premises. And the global shift to digital business is making the security situation significantly worse. Attackers have the upper hand with the ability to penetrate traditional security protections in minutes when security teams take days to triage an attack. There are no adequate solutions that can address cloud data security risks in an effective manner - traditional Data Loss Prevention (DLP) solutions do not extend outside of the organizational perimeter, and point solutions do little more than reinforce alert fatigue. Cloud Security Posture Management (CSPM) tools only analyze the security infrastructure without considering the context of the data involved. I’ve seen clients that have thousands of alerts created by their CSPM tool, but how do you prioritize without an understanding of the nature of the data involved?
At Dig, we provide a single pane of glass for all the cloud data no matter where it resides and how it is deployed, including PaaS, IaaS and DBaaS. In PaaS deployments, data typically resides in buckets, shares, and database environments. In IaaS deployments, data mostly resides in virtualized database environments, and in database-as-a-service (DBaaS) deployments, the data resides in a service such as Snowflake and Databrick. Regardless of the deployment type and the service, Dig discovers and classifies all the data assets to provide a single platform with a single policy so you can focus on the data, who is accessing it and where it is going.
Dig is unique as it combines the three most important sets of capabilities to secure data in the cloud; First, Data Security Posture Management (DSPM) that highlights data misconfigurations, access anomalies and data vulnerabilities. Second, DLP that prevents data exfiltration early in the kill chain. Third, a real-time data detection and response (DDR) engine that issues alerts as soon as a suspicious activity has occurred. This unique combination sets Dig as the only solution that addresses static risk of data at rest and in motion as well as real time dynamic risk changes. In today’s standards when the window of opportunity to stop an attacker is less than three minutes, this is a game changer.
Accelerating the Realization of Our Vision
With the additional funding we raised, we plan to invest in the following three areas:
- Go-to-Market: scale up our sales, marketing and customer success organizations to meet the increasing customer demand for more visibility and control of cloud data
- Research and Development (R&D): strengthen Dig’s data threat model as a competitive advantage. Our ability to understand threats before they evolve and to provide mitigation options is critical to help customers stay ahead of breaches.
- Product Roadmap: to deliver more new capabilities for data defense beyond our customers expectations, we plan to double our R&D team in the next year
Our customers love the innovative approach to data that we bring to the table, they love socializing Dig’s intuitive dashboards with other teams in the organization. Indeed, as data sits at the core of business processes it requires a collaborative effort from teams such as IAM and security operations to take the remediating action to the next level. So the next time a user is trying to download customer data to a foreign account, their access will be removed before they can complete the action.
I’d like to thank our new and existing investors for believing in us. I am excited to welcome the new Diggers into our community: Nir Polak of SignalFire will join DIg’s board. Also welcome Jack Huffard, Co-Founder of Tenable, joining Dig as a strategic advisor. We are thrilled to have you onboard!
Lastly, make no mistake, this is a shared win for all diggers together so take a moment to enjoy this win and reflect. We have a long way ahead of us so let’s continue digging.