Mitiga IO

Israeli cloud security startup Mitiga has raised $25 million in a Series A round of funding as it moves to “completely change” the traditional incident response market. Mitiga, unlike other companies in the cybersecurity space, isn’t looking to prevent cyberattacks, which the startup claims are inevitable no matter how much protection is in place. Rather, it’s looking to help organizations manage their incident response, particularly as they transition to hybrid and multicloud environments. The early-stage startup, which raised $7 million in seed funding in July last year, says its incident readiness and response tech stack accelerates post-incident bounce back from days down to hours. Its subscription-based offering automatically detects when a network is breached and quickly investigates, collects case data and translates it into remediation steps for all relevant divisions within an organization so they can quickly and efficiently respond. Mitiga also documents each event, allowing organizations to fix the cause in order to prevent future attacks. Mitiga’s Series A was led by ClearSky Security, Atlantic Bridge and DNX, and the startup tells TechCrunch that it will use the funds to “continue to disrupt how incident readiness and response is delivered,” as well as “significantly” increasing its cybersecurity, engineering, sales and marketing staff. RECENT FUNDING: Transmit Security raises $543M Series A to kill off the password Industrial cybersecurity startup Claroty raises $140M in pre-IPO funding round Elisity raises $26M Series A to scale its AI cybersecurity platform Fraud protection startup nSure AI raises $6.8M in seed funding The company added that the funding comes amid a “changing mindset” for enterprise organizations when it comes to incident readiness and response. The pandemic has accelerated cloud adoption, and it’s predicted that spending on cloud services will surpass $332 billion this year alone. This acceleration, naturally, has provided a lucrative target for hackers, with cyberattacks on cloud services increasing 630% in the first four months of 2020, according to McAfee.