Adallom said Tuesday that it has closed $15 million in Series B funding. Index Ventures led the round with participation from existing investor Sequoia Capital Israel. Also, Index Ventures’ Shardul Shah has joined Adallom’s board of directors. Headquartered in Menlo Park, Calif., Adallom is a Software-as-a-Service security company.
MENLO PARK, Calif.–(BUSINESS WIRE)–Adallom, a pioneer in Software-as-a-Service (SaaS) security, today announced it has raised $15M in series B funding led by Index Ventures, with participation from existing investor Sequoia Capital Israel. The new funding will be used for continued expansion of its development and sales teams as demand and market opportunity increase. Shardul Shah from Index Ventures, has joined Sequoia Capital’s Gili Raanan and Zohar Zisapel on the Adallom board of directors.
“Adallom addresses a major security gap that will empower enterprises to protect their new perimeter in the cloud,” said Shardul. “I am extremely impressed with the team of experts Assaf has assembled and the momentum of their growth. I look forward to joining their board.”
“The rapid adoption of cloud services by enterprise users exposes these organizations to security and compliance risks,” said Gili Raanan, partner at Sequoia Capital and Adallom board member. “Adallom is providing organizations with real-time analysis and a clear audit trail related to cloud and SaaS-based application usage.”
Protection through Intelligence
Adallom is transforming the way enterprises protect information in SaaS applications and cloud services by monitoring all user activity, detecting unauthorized access and protecting digital assets in real time. By correlating SaaS activity risk information, Adallom detects and prevents insider threats and application-specific attacks automatically, helping organizations extend visibility, control and compliance to SaaS and cloud services. The company’s protection through contextual intelligence approach has led to Adallom becoming the first SaaS security vendor invited to join the Microsoft Active Protections Program, by offering real-time threat mitigation for Office 365 exploitations and vulnerabilities.
“As SaaS adoption continues to grow exponentially, protection gaps in legacy perimeter defenses have become more apparent, as indicated by our growing customer base,” said Assaf Rappaport, co-founder and CEO at Adallom. “This new round by such respected venture capital firms will allow us to grow our salesforce and add to our Tel Aviv-based development team. We are also privileged to have Shardul join our team and look forward to benefiting from his extensive knowledge of today’s SaaS and enterprise software environments.”
Founded in 2012 by cyber defense veterans, Adallom is a Software-as-a-Service (SaaS) security pioneer. Adallom evolves the way enterprises secure information in SaaS by monitoring all activity, detecting unauthorized access and protecting users in real time. It is available in a private cloud or a SaaS-based solution. Adallom is backed by top tier VC firms Index Ventures and Sequoia Capital. For more information, visit www.adallom.com.