London,
England,
February
22,
2023
–
Metomic,
a
next
generation
data
security
solution
for
protecting
sensitive
data
in
the
new
era
of
collaborative
SaaS,
announced
today
it
has
raised
a
$20
million
Series
A
funding
round.
The
round
is
led
by
Evolution
Equity
Partners
with
participation
from
Resonance
and
Connect
Ventures.
The
investment
will
be
used
for
U.S.
expansion
efforts
and
research
and
development
initiatives.
It
will
also
allow
Metomic
to
double
down
on
its
AI
technology,
furthering
its
mission
to
enable
safer,
more
compliant
data
sharing
across
collaborative
software-as-a-service
(SaaS)
ecosystems.
Security,
privacy
and
compliance
teams
use
Metomic’s
no-code
workflows
to
automate
data
policies
across
their
SaaS
applications.
This
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.
Metomic’s
funding
round
comes
at
a
critical
time
as
the
SaaS
ecosystem
continues
to
grow.
Research
shows
that
SaaS
app
usage
was
up
18%
last
year,
with
businesses
using,
on
average,
more
than
130
SaaS
tools
across
the
organization.
The
challenge
comes
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.
The
result:
PII
(personally
identifiable
information),
confidential
information,
and
security
credentials
are
being
stored
and
exposed
unnecessarily
–
often
by
accident.
This
presents
a
real
risk
and
pain
for
organizations
that
rely
on
the
productivity
benefits
of
SaaS,
but
need
to
control
and
protect
their
most
sensitive
data.
Metomic
is
giving
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.
It
allows
security
professionals
to
see
what
data
is
being
stored,
where
it
is,
and
who
has
access
to
it.
Metomic’s
automated
processes
are
having
a
groundbreaking
effect
on
how
modern
companies
protect
sensitive
data
at
scale.
“Security,
IT
and
compliance
teams
have
no
visibility
into
the
data
employees
are
storing
and
sharing
across
third-party
SaaS
applications.
They
are
suffering
from
alert
fatigue
and
are
overwhelmed
with
the
amount
of
notifications
they
have
to
address,”
said
Rich
Vibert,
CEO
and
Co-Founder,
Metomic.
“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.”
In
the
last
18
months,
Metomic’s
automated
platform
has
prevented
more
than
two
million
data
leak
threats
lurking
in
SaaS
ecosystems.
Even
more
astonishing,
it
has
detected
hundreds
of
millions
of
sensitive
data
points
within
SaaS
apps
and
found
that
99%
of
the
sensitive
data
does
not
need
to
be
there
or
is
accessible
to
people
who
shouldn’t
have
access.
“Businesses
adopt
SaaS
applications
at
a
rapid
pace.
While
SaaS
tools
increase
employees’
productivity
and
enable
collaboration
among
colleagues
and
partners,
IT
security
teams
have
limited
visibility
and
control
over
sensitive
data
stored
within
these
apps,”
said
Yuval
Ben-Itzhak,
Partner,
Evolution
Equity
Partners.
“Metomic
gets
it.
We
believe
their
approach
to
SaaS
data
security
can
fill
the
gap
by
helping
security
teams
control
sensitive
data
and
remain
in
compliance
with
regulations.”
“Evolution
Equity
are
great
partners
for
Metomic,”
added
Vibert.
“As
cybersecurity
investors,
they
not
only
knew
the
space,
but
immediately
understood
the
business
value
of
our
technology.
We
connected
on
the
need
to
protect
information
at
the
data
level
inside
SaaS,
one
of
the
fastest
growing
niches
in
cybersecurity
today.”
Currently,
Metomic
has
customers
across
Europe
and
North
America,
with
50%
of
its
customers
based
in
the
U.S.
It
plans
to
quadruple
employee
headcount
by
the
end
of
the
year,
with
its
sales
and
marketing
functions
headquartered
in
the
U.S.
About
Metomic:
Metomic
was
born
out
of
the
frustration
of
its
leaders
trying
to
implement
SaaS
applications
that
make
businesses
more
productive
but
are
off
limits
because
of
high-risk
security
concerns.
As
a
next
generation
security
solution
focused
on
cloud-based
applications,
Metomic
gives
security
teams
clear
visibility
into
their
organization’s
SaaS
network
to
manage
sensitive
data
and
detect
security
threats,
allowing
businesses
to
take
full
advantage
of
their
SaaS
application
network.
To
learn
more
visit
www.metomic.io.
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