Cybersecurity innovator SAVVY has emerged from stealth mode, announcing a successful funding round that raised a total of $30 million. The Series A funding round was led by Canaan, with participation from key investors Cyberstarts and Lightspeed. This follows an initial seed round led by Cyberstarts and Lightspeed.
The rise of software-as-a-service (SaaS) applications has been a game-changer for businesses, streamlining operations and reducing IT burdens. However, the proliferation of SaaS solutions has introduced security complexities and increased friction between IT and business teams. With organizations now averaging 130 SaaS apps, a 18% increase from last year, it has become challenging for resource-strapped enterprises to enforce effective security controls at scale.
Addressing this pressing issue, SAVVY offers a Workforce Security Automation platform that empowers security operations (SecOps) teams with comprehensive visibility and security automation playbooks. By integrating just-in-time guardrails directly into the user workspace, SAVVY's platform provides real-time alerts and guidance to prevent security incidents before they occur. Already adopted by major players in the hospitality and consumer goods sectors, SAVVY boasts over 100,000 active users.
Joydeep Bhattacharyya, General Partner at Canaan, emphasized the significance of SAVVY's approach, stating, "The best security companies tackle surface vectors of attack head on. SAVVY's focus on the 'human' attack surface and protecting employees across browsers and work apps solves a massive problem all enterprises face and is only getting worse."
Unlike traditional methods that block applications or actions, SAVVY's platform is seamlessly embedded into user work environments, countering unsafe user-initiated SaaS events, including the potentially risky use of generative AI. Additionally, SAVVY offers visibility into applications not connected to single sign-on (SSO) and detects risky employee behavior such as password reuse, compromised accounts, and weak passwords.
Guy Guzner, co-founder and CEO of SAVVY, highlighted the importance of engaging users at the decision-making point, stating, "Companies can have the highest security budgets and the best systems in place, but if you're not reaching the end user at the point of decision, then history will continue to repeat itself."
SAVVY's Workforce Security Automation platform provides tailored security automation playbooks, customizable through its no-code automation engine. It offers real-time actionable insights to security teams, empowering them to identify high-risk areas, profile user risks, and implement steps for risk mitigation.
Gili Ranaan, founder at Cyberstarts, expressed excitement about SAVVY's solution, stating, "SAVVY has spent significant time across dozens of large US organizations to understand how to reduce the impact of poor employee cyber hygiene and developed an easy-to-use solution that is unlike anything else on the market."
With its innovative platform, SAVVY aims to lead a new category of browser and application security, revolutionizing how enterprises protect their workforce from cybersecurity threats stemming from SaaS usage.