Cybersecurity Company Receives $22 Million from Twitter, Shopify Investor
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A North Carolina cybersecurity startup said a $22 million investment by a major technology investment firm would help the company bolster its platform for monitoring and responding to cyber threats.
SaaS Alerts announced the “growth investment” by New York-based Insight Partners on Sept. 8. SaaS Alerts said its technology helps service providers protect customers who use software-as-a-service applications such as Dropbox, Google Workspace, Microsoft 365, and Salesforce.
Although companies increasingly utilize SaaS applications in an effort to increase workplace collaboration and productivity, SaaS Alerts said those services can leave those businesses vulnerable due to gaps in their security. The company's platform, officials said, helps safeguard against hackers, data theft, and data put at risk due to employee mishaps.
SaaS Alerts CEO Jim Lippie said Insight Partners' investment in SaaS Alerts serves as a "monumental endorsement for what we have built and intend to build."
Insight officials, meanwhile, said the company’s vision for detecting abnormal activity provides a “unique opportunity” as SaaS applications become essential for businesses of every size. Insight, which managed assets of more than $80 billion as of June 30, has invested in more than 700 companies to date, including HelloFresh, Shopify, and Twitter.
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