Oligo Security Secures $50 Million in Series B Funding
Oligo Security, renowned for its innovative Application Detection and Response (ADR) platform, recently announced a significant milestone: $50 million raised in Series B funding. This funding round was spearheaded by Greenfield Partners, complemented by contributions from Red Dot Capital Partners, Strait Capital, and existing backers, including Ballistic Ventures, Lightspeed Venture Partners, and TLV Partners. With this recent capital infusion, Oligo Security's total funding has reached an impressive $80 million in less than two years.
Tackling the Challenge of Application Vulnerabilities
The rapid increase in vulnerabilities within cloud-native software poses an overwhelming challenge for organizations tasked with defending against these issues. Reports indicate that more than 100 new vulnerabilities emerge each day, resulting in overwhelming patch backlogs. The urgency to address these challenges has escalated, as the exploitation of vulnerabilities has nearly tripled in the last year, with the average time-to-exploit dropping drastically from 32 days to just five days. This alarming trend is significantly fueled by the rise of AI-assisted code generation, greatly complicating the security landscape.
Current Security Gaps
“Existing application security measures are simply insufficient for this new era of digital applications, failing to provide the necessary protections to counteract the increasing risks,” remarked Nadav Czerninski, co-founder and CEO of Oligo Security. “Our platform has been engineered to delve deeper than ever before into applications, accurately identifying critical vulnerabilities and halting exploitation attempts instantly. We are proud to offer unmatched value to the largest organizations globally and aim to expand this reach to a broader clientele, effectively shaping a new standard in application security.”
Enhanced Application Monitoring for Real-Time Security
Oligo Security's unique platform provides extensive runtime inspection, enabling security teams to gain real-time visibility into activity at the library and function levels. This approach allows them to accurately identify existing vulnerabilities and assess their usage, thereby offering a clear understanding of actual application risks. Moreover, Oligo continuously monitors application components, actively detecting anomalies and preventing malicious behaviors before breaches can occur.
Real Risk Management
By leveraging Oligo's capabilities, security and development teams can concentrate solely on vulnerabilities that present genuine risks. This focused strategy not only enhances security assurance against unpatched or unknown attack vectors but also ensures a rapid value realization through hassle-free deployment. Notably, the platform is efficient, using less than 1% of CPU resources while maintaining scalability across thousands of nodes.
Strategic Industry Disruption
“Oligo is poised to revolutionize various aspects of application security, ranging from vulnerability management to proactive threat detection,” stated Avery Schwartz, General Partner at Greenfield Partners. “For far too long, security and development teams have struggled to ascertain which vulnerabilities should be prioritized. Oligo eliminates this uncertainty, allowing organizations to concentrate on those vulnerabilities tied to tangible risks, while concurrently safeguarding against those lacking a CVE, including zero-day threats.”
Momentum Since Launch
Co-founded by Nadav Czerninski, CEO; Gal Elbaz, CTO; and Avshalom Hilu, CPO, Oligo Security has gained remarkable traction since its stealth debut in early 2023. Its platform currently forms the backbone of security initiatives for numerous Fortune 500 companies across various sectors, such as financial services, healthcare, and technology. The company has also received accolades for its pioneering role in application security, securing spots on prestigious lists like Fortune’s Cyber 60 and SC Media’s Best Supply Chain Security Solution for 2024.
Frequently Asked Questions
What is Oligo Security's primary offering?
Oligo Security specializes in Application Detection and Response (ADR), providing solutions that identify and mitigate vulnerabilities in cloud-native applications.
Who led the recent funding round for Oligo Security?
The Series B funding round for Oligo Security was led by Greenfield Partners, with contributions from other investors.
How does Oligo Security help in risk management?
The platform provides deep application monitoring and real-time visibility, allowing security teams to focus on the most critical vulnerabilities and preventing exploitation.
What industries does Oligo Security serve?
Oligo serves a variety of industries, including financial services, healthcare, and technology, helping many Fortune 500 companies enhance their security posture.
What are the future goals for Oligo Security?
Oligo Security aims to expand its market reach and enhance its platform capabilities to further establish its leadership in application security.
