Wing Security announced it has emerged from stealth mode with a $26 million Seed + A funding round.
The funding was led by GGV Capital, S-Capital, Harmony Partners, Silicon Valley CISO Investments Group, and prominent security leaders including: Fireblocks CEO and Co-Founder Michael Shaulov, Orca Security Co-Founders Avi Shua and Gil Geron, Kenna Security (acquired by Cisco) Former CEO Karim Toubba and Claroty Co-Founder Galina Antova.
The funding will help Wing recruit top-notch talent to double its employee base, primarily in research and development, sales and marketing. This will allow the company to continue building the product offering, catering to the world’s leading organizations.
Wing was founded in 2020 by Retired Brigadier General Noam Shaar, former Chief Information Security Officer for the Israeli Defense Forces (IDF) and Retired Colonel Galit Lubitsky, former Head of IDF’s Cyber Operations. Both founders held leadership positions in the prestigious 8200 IDF unit and successfully tackled cyber events on a national level while managing massive cyber organizations.
The team identified a pressing gap in the cybersecurity market: While saturated with innovative tools, the market offers no comprehensive solution for end-to-end SaaS security. Gartner predicts that end-user spending on SaaS will grow over 40% from $120,686 in 2020, to $171,915 in 2022.
This exponential growth in SaaS adoption introduces significant security challenges and allows cyber attackers many new entry points into the organization. It’s a new and growing massive attack surface that we see cyber criminals taking advantage of when targeting an organization. In order to properly protect it, security teams need to think holistically and foster end-to-end security practices.
The Wing team’s mission is to build the world’s first platform that will provide full visibility, analysis and out-of-the-box remediation paths that can be fully automated. In addition to the benefits offered directly to security teams, organizations can also leverage Wing to empower end-users across all departments to actively and seamlessly participate in the protection of the SaaS solutions they’re using on a daily basis.
Wing finds and remediates all major SaaS related security issues and provides visibility into the applications being used, the users who use them, app2app connections, external data collaborations, and user inconsistencies. Wing also provides a clear view into which applications are compliant with relevant regulations, which have high/low security ranking, and also allows users to customize their security definitions.
“As businesses have become increasingly reliant on SaaS solutions and the agility they provide, security teams have been burdened with limited visibility and ability to truly protect the entire attack surface,” said Noam Shaar, CEO of Wing Security. “Wing was founded to address these challenges with a SaaS-native approach that provides security teams with the same agility, while also helping to protect against attacks on these environments. I’m excited to lead the team in this new chapter and ensure our customers can sleep soundly at night knowing that Wing is always on, always analyzing new apps and resolving security issues as they rise.”
Speaking about the round, Oren Yunger, Investor at GGV Capital, shared: “The third- and fourth-party SaaS entry points to the organization are the new vulnerable frontier that worries security leaders. It’s not a matter of if, but when. The Wing team has managed to identify this pressing pain point for the world’s leading companies and build an end-user first security solution that creates a win-win situation for the security team as well as the apps’ end-users. In a world where remote work is the new normal and end-users are adopting products directly without IT involvement, Wing’s comprehensive platform is a must-have solution to have in the security toolbox.”
Representing the SVCI group, a syndicate of the world’s leading CISOs pooling personal funds to invest in disruptive security startups, Philip Martin from Coinbase, shared: “Wing’s holistic platform takes care of all your SaaS security needs. It identifies all SaaS apps, prioritizes the risks, and automates remediation. This allows security teams to cope with SaaS security challenges quickly and efficiently, making security an enabler for employees who want to use SaaS tools rather than a productivity blocker.”
Aya Peterburg, Founder and Managing Partner at S-Capital added, “We partnered with Wing early on because we identified they have an innovative solution, utilize advanced technologies and solve a real problem. The founders’ experience and knowledge is extraordinary – Noam and Galit developed and managed the Israeli Defense Forces’ most sophisticated and innovative defense platforms and dealt with real cyber threats on a national scale. Feedback we have been hearing from customers and the market prove that Wing Security is on the right track to success.”