Just four months after emerging from stealth with $11 million in seed funding, Dig Security has banked an additional $34 million in venture capital funding as investors continue to flock to cloud data security startups.

Dig Security said the $34 million Series A was led by Silicon Valley venture capital firm SignalFire, with participation from Felicis, Okta Ventures and Team8. 

The Tel Aviv, Israel-based Dig Security is building a technology for data detection and response (DDR), promising to provide real-time visibility, control and protection of data assets in the cloud through a single unified policy engine.

Dig Security’s latest financing comes as venture capital investors rush to place bets on startups jostling for space in the Data Security Posture Management (DSPM) space.

Over the last year, a cadre of well-capitalized startups -- Symmetry Systems ($15 million raised), Veza ($110 million raised), Laminar ($30 million), Securiti.ai ($81 million) and Normalyze ($22 million) -- have started selling machine learning technology and tols to help businesses pinpoint security risks to digital assets in multi-cloud environments. 

Dig Security said its product uses a comprehensive threat model for cloud data attacks that detects, analyzes, and instantly responds to cloud data threats to minimize business impact and damage with an average mean-time-to-detection (MTTD) of less than a minute. 

With a total of $45 million in funding secured, Dig Security says it has ambitious plans to build the largest data security company in the market.  The company claims its platform is capable of combining data security posture management (DSPM), data loss prevention (DLP), and data detection and response (DDR) capabilities into a single interface. 

By Ryan Naraine on Wed, 14 Sep 2022 15:05:00 +0000
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