Security automation startup Veriti has secured funding of $18.5 million. The company will use the money to scale business operations and develop its product suite.
Veriti, a platform for integrating cybersecurity infrastructure, emerged from stealth today with a total of $18.5 million in investment, including $12 million from Insight Partners and a $6.5 million round headed by NFX and Amiti. According to CEO Adi Ikan, the newly disclosed funds will be used to expand Veriti’s commercial operations and product line.
Despite the generally harsh investment climate, VCs remain enthusiastic about cybersecurity businesses, as seen by Veriti’s debut. PitchBook data show that venture capital investments in the security industry surpassed $13.66 billion this year, up from $11.47 billion in 2020. Furthermore, the worldwide cybersecurity industry is expected to be valued more than $500 billion by 2030.
Veriti, founded in 2021 by ex-Check Point executives Ikan and Oren Koren, integrates with a company’s existing security stack to analyze risk posture by evaluating security settings, logs, sensor telemetries, and threat intelligence feeds.
The platform uses artificial intelligence to analyze which occurrences may be affecting company uptime and provide the core cause, as well as which security policy modifications are required to mitigate the effects.
Koren said, “Typically, enterprise security posture is suboptimal. This is due to a variety of factors, including tool sprawl, growing complexity, vast volumes of data, and limited resources. This is what drove us to create Veriti’s platform – to solve these difficulties and assist IT and security in staying ahead of this problem.”
Koren makes the argument that Veriti can help security teams identify security weaknesses, decreasing the time spent on monitoring and maintenance chores. He contends that the expanding number of security solutions in enterprises might bring complexity because each solution has its own functions and tools to master, while the amount of warnings given by the solutions results in a hazy view of the true security posture.
Koren isn’t exactly an objective source. But he isn’t the only one who has seen these concerning tendencies in workplace security. According to a recent poll of over 800 IT workers, over 60% were getting more than 500 cloud security notifications per day, and the alert fatigue induced by the number caused 55% to miss vital signals on a daily or weekly basis.
Ikan explained via email, “While providing more comprehensive security capabilities, the proliferation of security solutions provides potential for misconfigurations, which can result in unintended security vulnerabilities and negatively damage the business by restricting legitimate apps and users. Today’s IT and security leaders have a poor understanding of the real usage of security investments and their businesses’ effective security posture.”
The challenge for Veriti will be to demonstrate that their technique is superior to other security posture-analyzing platforms on the market. Secureframe, a competitor, offers a solution that interfaces with cloud providers and apps to understand its clients’ security postures.
Another rival, Hunters, promises to automate the threat-hunting process by collecting data from networking and security technologies in order to detect stealth assaults.
Veriti is still in its early stages, and Koren would not share the amount of the company’s customer base or current income. But he believes Veriti’s technological competence will help it stand out from the crowd.
He added, “We seek to provide a means for modern teams to increase security posture while avoiding issues that impair company uptime by embracing modern approaches like machine learning and concentrating on automation.”