Data security solution startup Metomic raises $20M for US expansion
Data security solution startup Metomic Ltd. announced today that it has raised $20 million in new funding for U.S. expansion efforts and research and development initiatives.
Founded in 2018, Metomic offers a next-generation data security solution for protecting sensitive data in the era of collaborative software as a service. Security, privacy and compliance teams use the company’s platform to create no-code workflows that automate data policies across their SaaS applications.
The company argues that as SaaS surges in popularity, challenges arise from the lack of visibility and control companies have over what data employees are uploading in SaaS apps and whom they are sharing it with. As a result, personally identifiable information, confidential information and security credentials are being stored and exposed unnecessarily – often by accident, presenting a real risk to organizations that rely on the productivity benefits of SaaS, but need to control and protect their most sensitive data.
Metomic’s platform includes the ability to deliver real-time notifications directly to employees when they have uploaded sensitive data into the wrong environment, essentially enabling a human firewall across the organization. The platform allows security professionals to see what data is being stored, where it is and who has access to it.
The platform gives organizations visibility and control of their data across collaborative SaaS applications, including Google Apps, Slack, Jira and Zendesk, by connecting to the data layer of these popular work tools.
“Security, IT and compliance teams have no visibility into the data employees are storing and sharing across third-party SaaS applications,” Rich Vibert, co-founder and chief executive of Metomic, said in a statement. “By triaging critical risks and putting remediation in the hands of employees, we give security teams the most effective, scalable and modern way to protect their most vulnerable data, without getting in the way of high-value work.”
Over the last 18 months, Metomic’s platform has prevented more than 2 million data leak threats in SaaS ecosystems and has detected hundreds of millions of sensitive data points within SaaS apps. Of the sensitive data found, 99% did not need to be where it was found or was accessible to people who shouldn’t have access.
Metomic has customers across Europe and North America, with 50% of its customers based in the U.S. Notable customers include Zego Holdings Ltd., Clearcover Inc., Marshmallow Financial Services Ltd., Numan (UK) Ltd., Kantox Ltd. and Metromile Inc.
Evolution Equity Partners LLC led the Series A round, with Resonance Ltd. and Connect Ventures Management LLP also participating. Along with its U.S. expansion efforts, Metomic will also use the new funding to double down on its artificial intelligence technology and quadruple employee headcount by the end of the year.