Cyberhaven Raises $33M in Series B Funding to Transform Stagnant and Ineffective Data Protection Market
Company Grows ARR 5x in Last 12 Months as Customer Demand Accelerates
PALO ALTO, CA – Dec 14, 2021 – Cyberhaven, inventor of the industry’s first Data Detection and Response (DDR) platform, announced today it has raised $33M in an oversubscribed Series B funding round. The investment was led by Redpoint Ventures with participation from new investors Forgepoint Capital and Wing as well as existing investors Vertex Ventures US, Costanoa, and Crane, and brings the company’s total funds raised to $52M.
“Enterprises are defined by their data, and it’s time to put data at the center of their security model. DLP, CASB, and Insider Threats tools all nibble at disparate parts of the data security problem without solving the underlying issue,” said Howard Ting, CEO at Cyberhaven. “We are disrupting these product categories that have caused so much pain and frustration by using data lineage to automatically find and protect sensitive data of any type, in any file format, anywhere in the enterprise. This breakthrough innovation enables workflows to move to the cloud without enterprises losing visibility and control of what matters most – the data.”
Every day, millions of sensitive documents, files, and other data are being stolen or misused because existing data security products have failed to do their job, resulting in an estimated $600B annual cost to the US economy. These data breaches result in severe near- and long-term impact, including stolen IP, business interruptions, loss of customer trust, weakened competitiveness, and significant financial penalties. Cyberhaven takes a radically different approach to protecting data by tracing all movement of data all the time, correlating events across endpoints and cloud apps, applying graph analytics to detect risk, and enforcing highly accurate and adaptive policies.
“The traditional DLP tools have been severely outdated for a while,” said Raghu Valipireddy, SVP, Chief Information Security Officer at Axos Financial. “Work environments are much different today than when these tools were originally conceived. The adoption of cloud technologies and remote work have further deteriorated the efficacy of these tools. Cyberhaven’s innovative approach to detect and prevent data loss via data tracing technology is a game changer and will result in much higher accuracy and greater simplicity in our data protection program.”
Cyberhaven is a fully managed SaaS-based service, requiring zero infrastructure deployment and management. The solution collects events from endpoints and cloud apps, automatically discovers and tracks sensitive content of any type, and identifies risk without complex rules or tagging. Security teams have precise control over how any of their data moves with the ability to block, alert, or coach users in real time.
“The challenge of securing enterprise data has come to an all time head, as organizations face escalating threats and an uncertain work environment,” said Satish Dharmaraj, Managing Director at Redpoint. “Our past investments have demonstrated that data is the key enabler for the future of businesses, and Cyberhaven represents the best in data protection. We are excited to partner with them as they take the next step in their critical mission.”
About Redpoint Ventures
Redpoint has partnered with visionary founders to create new markets and redefine existing ones since 1999. We invest in startups across the seed, early and growth phases, and we’re proud to have backed over 574 companies—including Snowflake, Looker, Kustomer, Twilio, 2U, DraftKings, Duo Security, HashiCorp, Stripe, Root Insurance, HomeAway, Heroku, Netflix, and Sonos—with 180 IPOs and M+A exits. Redpoint manages $5.8 billion across multiple funds. For more information visit: http://www.redpoint.com/
Cyberhaven is the data security company revolutionizing how companies protect their most important information from theft and misuse. Until now, security products only recognized and protected a limited range of data types because they relied on finding patterns in the content itself. Our data tracing technology analyzes billions of events surrounding every piece of data to better understand and classify it, allowing for protection of a much broader range of sensitive data in any form, anywhere it goes.