Avanan, a security solution provider for SaaS-based email and collaboration platforms, has raised $25 million in Series B funding from existing investors StageOne Ventures, Magma Venture Partners and Greenfield Partners (a TPG Growth investment platform).
Avanan’s customer base has increased 10-fold in the last 12 months, stated the company, protecting over 1 million end-user accounts in organizations across all industries, from startups to Fortune 100. The cloud-based email security provider plans to use the new funding to further accelerate its growth.
“We invested in Avanan because we believe the unified multi-vendor security platform is a revolutionary solution in a market that has so many point solutions,” said Yuda Doron, an investor from Greenfield Partners. “We are in the midst of the mass adoption of SaaS-based email and collaboration; every company will need to adopt a solution like Avanan, just like they needed to install antivirus on their Windows PCs.”
Avanan helps companies secure the full Office 365 suite, G Suite, Box, ShareFile, Slack and other collaboration SaaS applications from phishing attacks, malicious content, data leakage, account takeover and more. What would set Avanan apart is its multi-vendor platform, which allows customers to pick and choose security technologies from the “leading” vendors in the industry. Each of these vendor’s security technologies is preconfigured and activated from inside the Avanan platform with one click.
“Companies that use SaaS-based email and collaboration platforms quickly realize that hackers find ways to bypass their security,” said Gil Friedrich, CEO and co-founder of Avanan. “Before Avanan, the options for additional security were limited to legacy email security vendors that tried to adapt their proxy solution to the cloud. Avanan takes a completely different approach to how we secure our customers’ environments. By connecting directly to the cloud, we not only deploy faster, we detect and block all the threats that proxies are unable to see due to their position outside the cloud. The difference to our customers is night and day.”
White-Label Security Technologies
Within the Avanan platform, customers can purchase predefined bundles containing security technologies from Avanan and Avanan’s partners, or à la carte, selecting the exact technologies and vendors they want to use in each category. Avanan sells its solution under the Avanan label as well as through several white-label OEMs with some of the leading IT security vendors.
“Because Avanan scans after the default security but before the inbox, our anti-phishing algorithm is designed specifically to find and block the attacks Microsoft and Google miss,” added Roy Rotem, co-founder and VP of Product, Avanan. “This is a key reason why we have the highest phishing catch rate in the industry.”