Mitiga Secures $30M to Enhance Cloud and SaaS Security

The rapid adoption of cloud services and SaaS applications has introduced new security challenges for organizations worldwide. Founded in 2019, Mitiga has been at the forefront of addressing these challenges by providing advanced solutions for threat detection, investigation, and response tailored to cloud and SaaS environments.

Company Description

Mitiga is a complete platform that enables Security Operations Center (SOC) teams to achieve panoramic visibility over cloud infrastructures, identities, and SaaS applications. It is based on the power of automation and rich contextual data, thus enabling faster investigations and informed responses to potential threats. This approach will allow organizations to minimize the impact of security incidents and optimize their resilience against cyberattacks.

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Fundraising Information

The $30 million Series B fund was led by SYN Ventures, a venture capital firm focused on investing in cybersecurity. The new round of funding brings the total invested in Mitiga to $78 million since its inception. Mitiga is prepared to continue its strategic initiatives – technological advancements and expansion into the market – with help from the new round of fresh funding.

Strategic Appointments

Along with the funding announcement, Mitiga announced some key appointment strengthens for its leadership team:

• John Watters: Appointed as Executive Chairman, Watters brings over 30 years of experience in cybersecurity. He previously served as President and COO of Mandiant, a leading cybersecurity firm acquired by Google for $5.4 billion. Watters’ expertise in building and leading cybersecurity companies is expected to provide strategic guidance to Mitiga’s growth trajectory.
• Robert Rodriguez: Mr. Rodriguez joins the Board of Directors as Chairman and Founder of SINET and a Venture Partner at SYN Ventures. Having spent 22 years as a Special Agent for the United States Secret Service, he brings a rare combination of skills and experience helping mature growing cybersecurity companies succeed in international markets.

Application of Funds

The committed capital will be utilized to further:

• Technological: Improve the capability of Mitiga’s AI-driven platform to detect and respond to threats through improved threat detection and response to enable clients with emerging cyber threats.
• Market reach: Expand on the North America and European foothold for Mitiga to address the growing requirement for strong security in cloud and SaaS technologies.
• Team Scale: Expand on sales and marketing teams to better drive customer acquisitions and strategic relationships that would more widely adopt Mitiga’s solutions.

Mitiga’s platform is investigator-designed for investigators, giving SOC teams full visibility across cloud services and SaaS applications. With automated investigative processes and rich contextual information, Mitiga empowers security teams to rapidly identify and respond to threats in the shortest time possible, thereby limiting damage and downtime. This proactive approach is necessary in today’s fast-paced digital environment, where traditional security measures often fail. 

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Clientele and Industry Recognition

There are major organizations adopting the solutions of Mitiga, such as Blackstone, ZoomInfo, and New American Funding. The company’s innovative cloud security approach made it a finalist in the Sandbox innovation competition of the RSA Conference. This achievement further established the position of Mitiga as an emerging leader in cloud security. 

Future Expectations

With the infusion of additional funding and strategic leadership appointments, Mitiga is well-positioned to accelerate its mission of delivering cutting-edge security solutions for cloud and SaaS environments.

The company’s focus on technological innovation, market expansion, and strategic partnerships positions it to effectively address the evolving cybersecurity landscape. As organizations continue to migrate to cloud-based infrastructures, Mitiga’s solutions offer the necessary tools to safeguard against sophisticated cyber threats.

Summary

Cloud and SaaS security leader Mitiga today announced the close of a $30 million Series B funding round led by SYN Ventures, with participation from existing investors. The investment will be used to accelerate growth in North America and Europe, advance the company’s AI-based platform, and expand the sales and marketing teams.