Cybersecurity company Orca Security announced Tuesday that it completed a $210 million fundraising round that gives the company a valuation of $1.2 billion post-money. The company was founded all of two years ago, and has raised a total of $300 million, including the current round. The previous round, of $55 million, was completed three months ago.
Orca’s product offers protection for cloud computing infrastructure for customers using Amazon, Google and Microsoft’s cloud computing platforms, among others. Orca’s product protects a company’s data from attacks, incorrect configurations, databases that were accidentally left exposed to the web, and easy-to-guess passwords. These types of services aren’t new; Orca’s innovation is that it operates quickly and without need for installation.
“Our technology doesn’t require any software installation (agents), which in the vast majority of cases aren’t installed properly within organizations. Our system provides fast, full protection within minutes, since there’s no code running on the organization’s cloud computing system –as opposed to other products on the market, which take several weeks to offer protection. Our system also doesn’t overload the system, as it prioritizes and filters through thousands of security alerts in order to find the most critical.”
Orca’s competitors include Wiz, founded by Assaf Rappaport, a former general manager of Microsoft’s Israeli development center and founder of Adallom. Wiz also recently raised money at a valuation of $1.7 billion post-money, within a year of that company’s founding.
Over the past year or so, Israel has seen an incredibly large number of companies reaching unicorn valuation – privately held companies valued at $1 billion or more.
Orca’s fundraising round is the latest in Israel’s cyberindustry to close over the past few weeks. Aside from Wiz, Axonius recently raised $100 million at a $1.2 billion valuation post-money, and Aqua Security raised $135 million at a valuation of $1 billion post-money.
Orca began last year with 28 employees, and currently employs about 100, most of them in Israel. The company is expected to hire dozens more in order to support its fast paced growth. Its customers include Robinhood, Databricks, Beyond Trust, Lemonade, Unity and Live Oak Bank.
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Orca is unusual in that it has eight founders. Most filled senior positions at other major companies, including Check Point and Palo Alto Networks. CEO Avi Shua was the chief technological officer at Check Point.
The current fundraising round was led by Alphabet’s CapitalG fund and Redpoint Ventures. Other investors included the U.S. GGV Capital, ICONIQ Growth and CISO Silicon Valley Investments.