Revolutionizing SaaS Security – Why We Invested In Grip Security

Securing SaaS applications is a never ending challenge as the industry is developing at an unprecedented speed. With more employees working remotely these days, organizations are struggling to keep up with the ever-growing number of SaaS apps being used, their diverse usage patterns, locations and devices, and the sensitive data being accessed. One category that emerged almost a decade ago was CASB. Back in 2013 we even invested in one of the category’s early pioneers, FireLayers, which was acquired by Proofpoint. But in today’s environment, the shortcomings of most CASB solutions, which were architected years ago, are quite apparent. Organizations lose control over their hundreds, sometimes thousands, of SaaS applications, and they are unable to secure access to all of them regardless of the employee’s location and device.

Today, I’m thrilled to announce that YL Ventures led a $6M seed round in Grip Security, a startup that is introducing a new approach to SaaS security. With the leadership and expertise of rockstar co-founders Lior Yaari (CEO), Idan Fast (CTO) and Alon Shenkler (VP R&D), we’re certain that Grip Security is going to revolutionize SaaS security as we know it.

Until now, SaaS security solutions, mainly CASBs, are either based on API integrations or a proxy architecture. By definition these are limited – API-based solutions are limited by the number of SaaS apps they are supporting, and proxy-based solutions are limited by the user’s location and device type, in addition to their tendency to be quite costly with potential for performance / latency issues. To overcome these hurdles, the SaaS security market requires a unique approach and a different method. We at YL Ventures realized a new product is needed, as we received strong indications by our Venture Advisory Board and vast CISOs network. We even dedicated the Q3 edition of our CISO Circuit Report to SaaS Security. In a way, that was the beginning of Grip Security.

Grip secures SaaS from the edge with an innovative endpoint-centric approach, which brings an unprecedented security layer while remaining SaaS agnostic. The platform discovers close to 100% of enterprise SaaS applications, governs and secures employee and contractor access from any location or device, monitors usage, and prevents data loss.

The technology behind this revolutionary solution was inspired by Lior Yaari’s tenure as CTO of YL Ventures. Lior joined us in April 2020, in the midst of the pandemic, to lead our firm’s technological research on the industry’s most burning cybersecurity issues, help Israeli cybersecurity entrepreneurs gravitate towards cutting-edge and disruptive solutions and work with our portfolio companies. Through this role, Lior was able to entrench himself in the business side of cybersecurity entrepreneurship. He fostered relationships with dozens of security executives from our US based network, and conducted open brainstorming sessions which allowed him to hear first-hand what kind of challenges they are  facing and what type of solutions they are looking for. Lior also worked closely with our CISO-in-residence Sounil Yu, former Chief Security Scientist at Bank of America, who helped him ideate around different technological approaches and product directions. If you’re not familiar with the Security Hamster Sine Wave Of Pain – I highly advise you to take a look!

During this past year, Lior analyzed and envisioned a better way to solve the gaps in SaaS security. He partnered with Idan and Alon and once they were ready to share with the world their raw concept, we introduced them to more CISOs, and assisted with market validation. The feedback from customers, especially those who had experience with the limitations of existing solutions, was fantastic. Grip’s solution appealed to customers because it comes from a deep understanding of the current landscape, and what the right way is to address today’s issues comprehensively.

For us as seed investors, Lior’s time at YL Ventures allowed us to get to know him personally and professionally, witnessing his creativity, passion and dedication in full force. Once we met Idan and Alon and got to know them as well, the investment decision was quite easy. It was that magical combination of the right team, the right problem space and the right solution. A further testament to the team’s strength, in addition to the enthusiastic  feedback from dozens of customers, is their ability to build a very strong core engineering team, comprised of cybersecurity and engineering talents from the founders’ close network. In today’s highly competitive environment, recruiting top talent so fast is not an easy feat.

Grip Security aligns perfectly with our mission of building significant companies that have a profound impact on the cybersecurity industry. We’re committed to helping ambitious entrepreneurs tackle the biggest challenges of the day, and execute their vision. With a constant increase in SaaS adoption, accelerated by work from home policies, Lior, Idan and Alon’s solution provides the ideal opportunity to do just that. Now it’s finally time to get a grip on SaaS Security!