DoControl Secures $30 Million Series B to Redefine SaaS Data Security
NEW YORK, April 14, 2022 /PRNewswire/ -- DoControl, the automated Software-as-a-Service (SaaS) security company, today announced it has raised a $30 million Series B funding round led by New York-based global private equity and venture capital firm, Insight Partners, with participation from its existing investors, including StageOne Ventures, Cardumen Capital, RTP Global, and CrowdStrike's early stage investment fund, the CrowdStrike Falcon Fund. DoControl's new funding is a testament to its rapid enterprise adoption and ability to prevent data loss without slowing down business enablement. Its Series B will help the company scale its SaaS data security innovations, launch strategic channel and partnership programs, and supercharge its global growth.
DoControl mitigates the risk of costly data breaches created by unmanageable data across popular SaaS applications. Gartner estimates that SaaS spending will outpace Infrastructure-as-a-Service (IaaS) spending in 2022 by 41%. Accelerated SaaS adoption, the growing complexity of SaaS ecosystems, and the lack of granular, automated access control leave organizations exposed to unauthorized and undetected data exfiltration. DoControl harnesses user interactions and API access across SaaS applications and feeds it all to powerful no-code workflows that automatically identify, respond to, and remediate threats stemming from SaaS data policy violations. Its mission-critical SaaS data access control solution effectively eliminates the enterprise threats created by departing employees, third-party vendors, cross-team collaboration, and more.
"SaaS is the new IaaS when it comes to security control complexity and data access exposure. Recent high-profile attacks, such as the alleged Okta, HubSpot, and Twitter breaches, either started or continued with access control exploitation resulting in unauthorized access to the crown jewels - sensitive customer data," said Adam Gavish, Co-Founder and CEO, DoControl. "Since data is the new oil, security teams understand they now need to extend their Zero Trust architecture from the identity and network into the SaaS data layer. We are excited to partner with Insight Partners on this shared mission and help more organizations worldwide to prevent data breaches through security automation."
"Every modern company has to deal with the risk of unmanageable SaaS data access, where sensitive company, employee, and customer data are stored within popular enterprise applications. DoControl offers a rare combination of asset management, security automation, and remediation actions that eliminate the risk of exposure created by a lack of SaaS data protection capabilities," said Stephen Ward, Managing Director at Insight Partners. "In my time as a CISO, I saw the importance of technology that quickly and effectively addresses these issues, and it's why we're proud to partner with DoControl as they continue to grow."
The investment from Insight Partners will enable DoControl to double its headcount and advance its go-to-market penetration in the United States and beyond. DoControl will also develop a national channel partner program to enable MSPs, resellers, and other key partners to provide Zero Trust SaaS data access control capabilities to a broader user base. Most importantly, DoControl will leverage its funding to develop innovations that meet the needs of modern businesses reliant on SaaS tooling while extending its use cases to new vertical markets.
Founded in 2020 and headquartered in New York, DoControl is an automated data access controls platform for SaaS applications, improving security and operational efficiency with ease for enterprises. DoControl is backed by investors Insight Partners, StageOne Ventures, Cardumen Capital, RTP Global and global cybersecurity leader CrowdStrike's early stage investment fund, the CrowdStrike Falcon Fund. The company's leadership team combines product, engineering and sales experience across cybersecurity, enterprise and SaaS innovators. For more information, please visit www.docontrol.io. Follow us on Twitter and LinkedIn.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.