News
Dig Security Secures $34 Million Series A Investment Led By SignalFire
September 2022 by Marc Jacob
Dig, the cloud data security, announced that it has secured a $34 million Series A investment led by San-Francisco-based venture capital firm, SignalFire, with participation from Felicis; Okta Ventures; Nir Polak, Venture Partner at SignalFire and Founder and Chairman of the Board at Exabeam; Jack Huffard, Co-Founder of Tenable; and existing investor, Team8. The latest investment will accelerate go-to-market efforts to meet the growing demand for the Dig Data Security Platform and deliver new enhancements that solve the difficult problem of securing cloud data. Dig’s Series A brings its total funding to $45 million less than a year after its seed round in October 2021, enabling Dig to further advance its single platform, single policy engine approach for multi-cloud environments.
Today there is more data in the cloud than on-prem. Yet, there are no adequate solutions to protect it. Cloud data security is a top priority for organizations. According to the 2022 Cost of a Data Breach Report by IBM Security and Ponemon Institute, nearly half of all data breaches over the last year were cloud-based. In addition, there is increasing regulatory pressure to secure customer data, with new and stricter data security standards set by the Consumer Financial Protection Bureau (CFPB) and in the FTC Safeguards Rule. Unlike other cloud security providers, Dig uses a comprehensive threat model for cloud data attacks that detects, analyzes, and instantly responds to cloud data threats to minimize business impact and damage with an average mean-time-to-detection (MTTD) of less than a minute.
With this investment, Dig will further its mission to build the largest data security company in the market while continuing to invest in R&D and expanding its security research and customer support teams. Dig’s customer base includes Fortune 500 companies, leaders in financial services, and business software and innovative SaaS-based technology companies across the U.S., Europe, and Israel.
The Dig data security platform is the industry’s first and only solution to combine data security posture management (DSPM), data loss prevention (DLP), and data detection and response (DDR) capabilities into a single platform. Dig is the only data security solution on the market that provides real-time detection and response to threats against data to stop potential data breaches early in the kill chain. It supports all cloud infrastructures, including AWS, Azure, and GCP, and popular data clouds like Snowflake and Databricks.
“Dig is uniquely positioned to help make DDR the standard for data security,” said Nir Polak, Venture Partner at SignalFire and founder and Chairman of the Board at Exabeam. “The rise of remote work and the increasingly high stakes of cloud attacks require real-time data security capabilities - too many organizations remain exposed to the risks that lurk behind the public cloud. Within cybersecurity, SignalFire seeks out purpose-built teams tackling large problems (beginning with our CIO being the first investor in McAfee and most recently with Horizon3) and believes Dan and the team are uniquely positioned to solve this challenge through their experiences at Google and Microsoft Cloud. SignalFire is thrilled to support Dig as the only vendor in the cloud data security market that provides real-time data protection across any cloud and any data store.”
As part of today’s announcement, Nir Polak is joining Dig’s board of directors from SignalFire.
