Cider Security announces a $32M Series A led by Tiger Global

Today, Tel Aviv-based Cider Security, which helps enterprises identify security risks in their DevOps pipelines, announced it has secured a $32 million Series A funding round co-led by Tiger Global.

This investment marks an important milestone for the company, which is on track to become a leader in the DevOps security landscape. This funding will help Cider Security continue to develop its platform and expand its customer base.

Background on Cider Security

Cider Security is a leading cloud-native SaaS security information and event management (SIEM) provider, trusted by more than 3,000 customers globally. Its next-generation SIEM platform provides powerful analytics to combat threats to corporate networks across heterogeneous IT deployments. Cider Security helps clients easily see potential attackers and protect their enterprise data and services across multi-cloud data centres, mobile devices, on-premises networks and the internet with unparalleled visibility.

Cider Security’s innovative SIEM technology provides its customer base with improved cyber defence capabilities including malicious domain blocking, attack surface search, privileged user monitoring, vulnerability assessment and more. The company has created an intuitive interface that enables customers to quickly identify suspicious activities within their organisational environments and conduct investigations. Additionally, Cider Security responds quickly to dynamic threats allowing customers to detect anomalies within their networks in real time and deal with them efficiently.

Overview of the Series A

Cider Security, a provider of automated cloud security solutions, recently announced the close of its $32 million Series A round. Tiger Global led the round with participation from existing investors Plug and Play Ventures, Intel Capital, Microsoft’s M12, Silvertech Ventures and Rocketship VC. This brings the company’s total funding to $35.4M since its late 2017 seed round.

The new funding will expand Cider Security’s market presence in Europe and Asia and accelerate growth across multiple product lines. Additionally, the new capital will be dedicated to developing a more comprehensive suite of cloud security offerings for SMEs and course-correcting their digital transformation goals with the launch of next-generation SaaS tools.

The closed Series A will provide Cider Security with necessary funds for expanding its geographic reach, expediting product iterations and continuing to build out its award-winning customer base that it has earned over the last 18 months. It also marks a key step forward in making cloud security efficient across all corporate sectors worldwide.

Tel Aviv-based Cider Security, which helps enterprises identify security risks in their DevOps pipelines, announces a $32M Series A led by Tiger Global (Tim Keary/VentureBeat)

Tel Aviv-based Cider Security is a cybersecurity company that helps enterprises identify security risks in their DevOps pipelines. Cider recently announced a $32M Series A led by Tiger Global.

This venture capital investment will help the company grow and scale their solutions to better serve their customers.

Overview of the company

Cider Security is a platform designed to help companies manage their complex cloud and infrastructure ecosystems. Our cloud based identity, access, and compliance platform offers the managed governance, assurance and visibility needed to securely control user access to information resources. In addition, our patented Cloud SSO technology automates provisioning, managing and reporting user identities across multiple applications.

The company’s mission is to make it easier for our customers to securely manage access controls throughout their organisation by simplifying identity management without sacrificing security assurance or enterprise visibility. Founded in 2019 by a diverse group of security professionals with backgrounds in cybersecurity consulting and product development, Cider Security has a long-term vision for offering strong but simple identity-based security solutions that fit large and small organisations’ needs.

The service can be deployed in both SaaS and on-premise environments with support for many single sign-on technologies including SAML 2.0, OpenID Connect (OIDC), Kerberos, NTLM/SSO/FBA and custom solutions built from proprietary APIs offered on the platform. The solution also supports two-factor authentication via SMS, Push Notifications or Yubikey OTPs, and many other SSO protocols.

Since our launch in early 2019, we’ve been working steadily on building out our feature set and establishing ourselves in the market with key partnerships with many organisations such as Google Cloud Platform (GCP), Amazon Web Services (AWS) Microsoft Azure (Azure) IBM Cloud (IBM) as well as various Identity & Access Management vendors such as Auth0, Okta & Ping Identity. Additionally, we recently announced our $32M Series A round led by Tiger Global along with participation from existing investor Accel Partners bringing the total capital raised to date up at over USD 50M from strategic venture investors includingMicrosoft Ventures Global Program Fund (VCG), Costanoa Ventures & True Ventures among others.

Products and services offered

Cider Security delivers an automated cloud security platform that provides comprehensive, secure access for cloud and cloud-native workloads. The Cider technology stack automates security across the software lifecycle to safeguard against data breaches, reduce costs associated with compliance audits, and enable enterprises to focus on digital business transformation initiatives.

Cider Security’s comprehensive suite of products and services includes secure access control, identity & authentication, web application development & deployment monitoring, continuous delivery analysis and container security management. Cider’s secure access control integrates identity providers such as Microsoft ADFS, Azure AD and Okta to provide single sign-on (SSO) access to manage users’ applications at scale. Identity & authentication is powered by a machine learning-driven behavioural analysis engine that detects anomalous user behaviour in real time. Finally, web application development & deployment monitoring provides customers with automated assessments at every stage of the DevOps process to detect misconfigurations or security gaps in their applications.

Continuous delivery analysis helps customers transform their application architectures for speed and scalability by identifying architectural vulnerabilities related to containerization strategies such as Kubernetes deployments or microservices architectures. And container security management provides continuous vulnerability scanning for containerized applications—at build time, runtime or both—to scan for known issues such as outdated libraries, misconfigured deployments or malicious components within a cloud native environment.

Customers and partners

Cider Security proudly serves customers and partners worldwide with our cloud-native, AI-driven security platform. We are driven by our mission to free IT administrators from time consuming, manual security practices so they can focus on growing their business.

We are excited by the overwhelming response to our Series A funding round. Together with a group of top tier venture firms, which includes Tiger Global, we raised $32 million that will be used to expand our team and accelerate product development.

Our existing customers – Fortune 500 enterprises and hundreds of fast-growing startups alike – have been at the heart of the Cider Security offering since its launch in 2019. With more resources from our Series A funding, we look forward to investing further in these relationships and developing deeper relationships with other customers across multiple markets.

Equally as important, we believe in working together with partners who share our values when it comes to helping enterprises secure their endpoints without sacrificing user experience or business agility. To that end, we are thrilled by the ever-growing variety of new partnerships formed over the past year alone. As we celebrate this major milestone for Cider Security, we remain dedicated to fostering collaborative relationships and providing unparalleled support for current and future partners who align with Cider’s mission and vision for a stronger future through intelligent people-centric security technology.

Series A Details

Tel Aviv-based Cider Security, which provides software to help identify security risks in DevOps pipelines, recently announced a $32M Series A funding round led by Tiger Global.

This round of funding will allow Cider Security to expand its market share, invest in technology, and fuel its research and development. In addition, cider Security plans to use the funds to expand its product offerings and further strengthen its position in the security risk market.

Total amount raised

Cider Security, a next-generation security solution provider, today announced that it has raised $32 million in its Series A round of funding, led by Tiger Global. The company also received investments from existing investors including Expa Capital, Liberty City Ventures and the Entrepreneur Roundtable Accelerator (ERA).

The proceeds of the investment will be used to fuel global expansion and accelerate product development to expand Cider’s capabilities, drive customer growth and deepen relationships with customers across industries. This includes new artificial intelligence technology with leading-edge detection capabilities and additional integrations with existing solutions to help customers further strengthen their ability to detect malicious activity. In addition, this financial boost will allow the company to expand its executive leadership team and build a new office in London.

Cider Security protects organisations against sophisticated cyberattacks by combining predictive analytics with machine learning technology. By doing so, they can identify patterns that may indicate an attack in progress before it has impacted the organisation or caused any damage. With this additional funding support from Tiger Global and their existing investors, Cider Security is continuing towards building the next generation of security solutions for organisations of all sizes around the world.

Participation of Tiger Global

Leading venture capital firm Tiger Global participated in Cider Security’s $32M Series A executive financing round. Through this commitment to invest, Tiger Global joins Accel, ClearSky Security and Next47 as one of the four venture capital firms supporting the security startup’s disruptive efforts.

Tiger Global is a global investment firm focusing on technology, media, Internet and consumer investments across public and private markets. In line with their support for Cider Security, Tiger Global partner Chase Coleman said:

“Given the size and complexity of many organisations’ security posture today, we believe that Cider’s deep expertise in assessing and mitigating risk will become increasingly valuable”.

Cider Security CEO Tom Bugnitz commented on this announcement: “We are excited to have Tiger Global join our investor syndicate. The support of such an esteemed Investor further reinforces our vision of delivering software-defined security throughout the modern enterprise.”

The funds raised through this Series A financing round will allow Cider Security to expand its leadership team; accelerate product development; enhance threat assessment capabilities; and grow its customer base within critical industries such as healthcare, financial services and government sectors.

Other investors involved

Cider Security announced a $32 million Series A round of funding, led by Tiger Global. Alongside Tiger Global, several other investors joined the round of funding: Work-Bench, Salesforce Ventures, Adage Capital, ForgePoint Capital and Dell Technologies Capital.

“The support of our newest investors incredibly humbles us in this fundraising round,” said Bob Freeman, CEO and co-founder of Cider Security. “As we scale our go-to-market efforts across public clouds, on-premises systems and packaged software solutions; We will continue expanding our presence in data engineering, data warehousing and analytics platforms”.

Work-Bench Chief Executive Officer Natalie Refuah noted that Cider Security is a welcomed addition to the Workbench portfolio. “The automated approach to security that Cider provides will be essential for millions of companies as they modernise their applications over the next decade,” Refuah said.

About Cider Security – The Silicon Valley startup was founded in 2019 with a mission to uncover and address problems in digital infrastructure at a network engineer level.

Impact of the Series A

Tel Aviv-based Cider Security has recently announced a $32M Series A led by Tiger Global. This successful venture round will positively impact Cider Security’s growth trajectory, as they continue to help enterprises identify security risks in their DevOps pipelines.

Let us delve deeper into the implications of this news and understand its impact.

How the funds will be used

Cider Security’s $32M Series A financing round was led by Tiger Global. The funds will primarily be used to further develop the Cider Security platform to help organisations identify and mitigate risks within their networks before they become major incidents.

The money will also allow the company to scale its research and development capabilities to build new features and continuously improve the platform’s performance.

The funds will also be used to expand Cider Security’s team in terms of technical expertise and business-focused functions such as marketing, sales, customer success and alliances. By expanding the team and scaling the security product capabilities, Cider Security hopes to position itself as a leader in providing risk detection and prevention capabilities that enable customers to proactively protect themselves from cyber threats.

Plans for expansion

After securing the $32 million in Series A funding, Cider Security intends to put the money to good use by expanding its engineering and product teams as it strives for excellence in managed security operations. With this investment, Cider Security plans to increase its global presence, hire top talent for technical leadership positions, and invest in research and development.

In addition to personnel expansion and R&D investments, Cider Security plans to use its Series A funding to extend partnerships with companies such as Amazon Web Services (AWS), Splunk Inc., ServiceNow, Microsoft Azure, and more. These partners will allow Cider Security to provide a more comprehensive platform that simplifies complexity of managing customer’s security tools without sacrificing control or visibility.

Cider Security’s CEO has stated that the company is dedicated to redefining the relationship between humans and machine intelligence regarding security operations, allowing customers access to insights they have never had before while providing an experience that enhances their return on investment. Through this Series A infusion of capital and expertise from Tiger Global Management LLC et al., it is clear that Cider Security is determined not only on expansion but also on improving its product offerings for customers globally and in the United States.

Closing

Tel Aviv-based Cider Security has announced the closing of its $32M Series A round of financing, led by Tiger Global and additional investors. The round brings Cider Security’s total funding to $42M and will enable the company to further develop its security platform and expand its presence in the DevOps space.

Summary of the announcement

Cider Security, the developer of endpoint threat detection solutions for small and midsize businesses (SMBs), has announced the completion of an oversubscribed $32 million Series A round led by Tiger Global, with strong participation from existing investors Accel and Madrona Venture Group. This investment will expand Cider’s product offerings and international operations as more SMBs recognize the need for effective endpoint threat protection solutions.

Cider’s solution provides a comprehensive view into endpoints, giving IT managers visibility into suspicious activity across all devices connected to their networks. This can enable SMBs to detect and respond to threats quickly, reducing their risk profile and allowing them to protect against data breaches that could cost them time, money, and customers’ trust. The company’s platform-agnostic approach also allows organisations to tailor their security approach based on how they use different devices in their network environment.

This announcement follows several other important milestones for Cider – including securing $10M in seed funding at the end of 2019 led by Accel and Madrona and its launch into the European market earlier this year. With this new capital injection Cider will aim to deliver further growth opportunities to its customers by continuing its innovation in security solutions, expanding its workforce globally in line with customer demand through 2020-21.

Quotes from Cider Security and Tiger Global

As the leader in cloud API security, Cider Security stood out to us as the right choice to bet on at this stage,” said Scott Shleifer of Tiger Global. “We are excited to participate in Cider Security’s growth story and share our expertise with the team as they continue to build upon their leadership position in the market.

“It is an honour and massive vote of confidence for our team, product, and platform to have a strategic partner such as Tiger Global joining our journey,” said Dekel Schwartzman, Founder & CEO at Cider Security. “We are excited about moving forward together and making a meaningful impact for our customers worldwide.”

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