Israeli cloud infrastructure security startup Ermetic announced on Wednesday that it has closed a $70 million Series B round of financing led by Qumra Capital with support from new investor Forgepoint Capital and participation from existing investors Accel, Glilot Capital Partners, Norwest Venture Partners and, Target Global. The company has now raised $100 million in total funding for its security platform that provides multi-cloud protection for global enterprise customers.
The accelerated migration of applications and workloads to the cloud has led to security gaps that are difficult to identify and remediate on a continuous basis. Ermetic provides a comprehensive platform that detects and prevents security threats within complex AWS, Google Cloud, and Microsoft Azure environments. Since its last round of financing, a $17 million Series A in July of 2020, the company has quadrupled in size to more than 100 employees, increased its number of customers by 800%, and now protects millions of resources.
“Most organizations have to stitch together disparate security tools that are siloed and provide a limited view of cloud risk, but Ermetic has combined cloud infrastructure entitlement and cloud security posture management to provide the visibility and automation customers need to protect all their cloud platforms in one place,” said Shai Morag, CEO of Ermetic. “This has created a much larger addressable market for our products. Our new funding will enable us to grow aggressively and capture a large share of this business globally.”
According to Gartner, the cloud security category is projected to be the fastest growing segment of the global information security and risk management market at a CAGR of 41.2%. The major factors driving the market include the increasing number of sophisticated cyberattacks on cloud computing systems, and growing need for compliance with various upcoming regulations.
“Organizations are placing their most valuable assets in the cloud, but these environments are so complex and often distributed across different cloud provider platforms that they are manually impossible to secure,” said Boaz Dinte, Managing Partner at Qumra, who has joined the company’s board of directors. “Ermetic has built the most advanced solution for automating and centralizing security management across all the leading cloud platforms, and is led by a proven management team. The company is extremely well positioned for rapid growth.”