Be’er Sheva-based cyber company Morphisec announced Thursday that it has raised $31 million in a funding round led by Jerusalem Venture Partners (JVP). Other existing investors, including Orange Digital Ventures and Deutsche Telekom Capital Partners (DTCP), also participated in the funding.
The company develops cybersecurity products that use moving target defense technology to protect against advanced persistent threats. Morphisec was founded in 2014 in JVP’s Be’er Sheva incubator and has raised $46 million so far. It employs 90 people, 75 of them in Israel.
The company said it would use the investment to support an aggressive hiring push aimed at drastically increasing headcount across the U.S. and Israel. It also announced the appointment of Steve Bennett to its board of directors, effective immediately. Bennett formerly served as CEO of major software and security companies, including Symantec and Intuit. Before that, Bennett spent over 20 years at General Electric in multiple executive management roles.
With the widespread transition to remote work brought about by the Covid-19 pandemic, organizations and companies of all sizes are seeking solutions to protect all its endpoints regardless of their geographic location. Morphisec, which is already deployed on over 7 million endpoints, helps vulnerable organizations by automatically stopping the most dangerous attacks targeting workstations, VDIs, servers, virtual machines, and cloud workloads. Rather than trying to remediate attacks after they hit, Morphisec’s technology stops attacks deterministically and automatically, without requiring knowledge of threat type or manual oversight, making it highly effective against advanced attacks such as zero-day and unknown threats.
“Midsized enterprises are historically underserved by the cybersecurity market and left behind by cost-prohibitive tools and staff constraints,” Morphisec CEO Ronen Yehoshua said. “The challenges for these organizations have only increased in the last year with work-from-home employees using unsecured devices and connecting to an endless array of cloud-based applications. Morphisec has proven to be the only cybersecurity solution capable of bringing them simple yet effective protection that also fits into their existing budget.”
“Endpoints of all types – workstations and servers, on-premises and in the cloud, physical and virtual – are the ultimate frontiers of cyber protection. Organizations today settle for low efficacy, high cost, non-deterministic, performance-impacting, knowledge-challenged sets of solutions like EDRs, behavioral, and signature-based approaches. These result in uncertainty, high-cost, and are difficult to manage in WFH and Cloud environments,” said Yoav Tzruya, General Partner at JVP. “Morphisec’s unique approach provides measurable, deterministic, low-cost value while providing best-in-class protection, serving distributed organizations and further allowing risk-free cloud migration. Morphisec’s unique ability to prevent attacks before any breach occurs without requiring knowledge of the threat positions it as the de facto proactive cybersecurity solution for the cloud.”
“Morphisec has brought the most significant innovation to prevention the market has seen in the last 10 years,” said Steve Bennett. “I’ve never witnessed a cybersecurity company that has delivered so much value potential for mid-sized customers. Not only does it stop the breaches that make the headlines, but it does so in a way that allows budget-constrained businesses to receive the world-class prevention and business continuity that is often only reserved for the large deep-pocket corporations.”