Greylock, Cyberstarts, Insight Partners and Index Ventures double down on their investments, bringing the company's total funding to $110 million
PALO ALTO, CA / ACCESSWIRE / July 24, 2024 / Dazz, a leader in unified security remediation, announced today that it has secured $50 million in a funding round co-led by Greylock, with participation from Cyberstarts, Insight Partners and Index Ventures, who doubled down on their initial investments to accelerate its momentum in redefining risk prioritization and remediation using AI technologies. The latest financing brings the company's total funding to $110 million and will fuel its mission to help security and engineering teams reduce exposure efficiently.
From left to right: Tomer Schwartz, CTO; Merav Bahat, CEO; Yuval Ofir, VP R&D. Credit - Netanel Tobias
Since its launch in late 2021, Dazz has experienced rapid customer growth with Fortune 500 and hyper-growth companies such as BHG Financial, Healthfirst, TaxSlayer, iCapital, and Abnormal Security across financial services, healthcare, pharmaceutical, technology, retail, and manufacturing industries. To date, customers have used the Dazz Unified Remediation Platform to automatically find and manage 1.2 billion vulnerabilities and resolve close to 500 million issues at root causes, saving significant security and engineering time, plus dramatically reducing the chance of security incidents. From FY2023 to FY2024, Dazz achieved a 400 percent increase in ARR, while tripling its salesforce and expanding its footprint across all functions in the U.S., Europe, and Israel.
"In a world where security breaches occur on average every 11 seconds, the constant rise in AI-powered threats presents a prominent danger of more efficient and scalable attacks," said Merav Bahat, Dazz Co-Founder and CEO. "At Dazz, we are experiencing remarkable business momentum, thanks to a critical market gap that Dazz uniquely addresses. The last year proved that our innovation and execution leads to unprecedented growth, which this new round of funding will accelerate. We are honored and excited to deepen our collaboration with the world's top cyber investors, with their unwavering trust and support fueling our mission to simplify cloud remediation and help our customers harness the power of AI to prevent attacks."
Dazz transforms legacy vulnerability management and remediation processes through patented AI, automation, and root-cause analysis technologies that enable security and engineering teams to identify, prioritize, and fix vulnerabilities in hours instead of weeks. The company's Unified Remediation Platform provides CISOs with holistic visibility across all detection tools and environments, including code, clouds, applications, and infrastructure, and provides significant time savings for customers in researching security issues and reducing the Mean Time to Remediate (MTTR).
"As founding investors in Dazz, we are excited to significantly increase our investment and co-lead the latest financing," said Asheem Chandna, Partner at Greylock Partners. "Cybersecurity remediation is a growing high priority area. Merav and her accomplished team at Dazz have strong momentum underway as the leader in this new important category."
"The Dazz team has built a robust solution to one of the oldest, most critical pain points for security teams - sorting through an ocean of alerts and remediating the most critical weaknesses in production, staging, and code levels," said Gili Raanan, founder of Cyberstarts. "We have been partners to Dazz since day zero and continue to work closely with Merav, Tomer, and Yuval to build an iconic cyber company."
"Dazz has become a cornerstone of our DevSecOps practice, enabling our security and developer teams to work better together on reducing risk," said Gary Owen, Chief Information Security Officer and Chief Risk Officer at iCapital. "It allows us to automate workflows and immediately focus on prioritizing and fixing the issues that matter the most to our business."
About Dazz
Dazz enables security and development teams to remediate risks and reduce exposure across code, clouds, applications, and infrastructure. Our Unified Remediation Platform rapidly uncovers blind spots, prioritizes issues, and streamlines fixes in a developer-friendly workflow, so risk windows shrink from weeks to hours. Dazz is a critical foundation for Application Security Posture Management (ASPM), DevSecOps, and Continuous Threat Exposure Management (CTEM) strategies. Visit us at dazz.io and follow us on LinkedIn at dazz-io and on Twitter at @dazz_io.
Contact Information
Tamar Harel
Tell NY
tamar@tellny.com
SOURCE: Dazz
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