ghost security, which its founders describe as an “app security” company, is out of the cloak today with combined funding from 468 Capital, DNX Ventures and Munich Re Ventures of $15 million at a $50 million valuation emerged. CEO Greg Martin said the capital will go towards expanding the team, developing Ghost’s product and launching pilots with potential customers.
Apps and APIs are at the heart of organizations. Ultimately, they provide important information for employees and customers. However, apps and APIs are increasingly becoming attack vectors. Salt Security – which, to be fair, sells an API protection product – estimates that “malicious” API usage increased by 681% from December 2020 to December 2021. As for apps, cybercriminals targeting mobile devices have used them most often to break in, according to to research by Pradeo Labs.
Martin claims that Ghost takes a “data science” approach to security to solve challenges other vendors can’t. While the details are high-level and mostly under wraps — Ghost’s product hasn’t launched yet — he said the company’s technology provides visibility and risk protection for apps and their dependencies, including services and APIs, both in cloud – as well as in local environments.
“As an industry, we still see a lot of legacies pondering how we should deal with the proliferation of applications, data and microservices that has resulted from large-scale cloud adoption,” Martin said in a press release. “Existing approaches and application security solutions are now outdated and losing effectiveness. At Ghost, we are rethinking the approach to securing modern applications from the ground up.”
They fight for words for a company that is a precursor. But Martin points out that Ghost’s co-founders have significant cybersecurity experience. Josh Larsen, CTO, was an engineering manager at Symantec before joining Check Point as an account manager and co-founding Blackfin Security Group, which Symantec acquired in 2015. Eric Cornelius, chief product officer, was deputy director of the US Department of Homeland Security’s Control Systems Security Program and senior product architect at BlackBerry.
Talent is only part of the equation – and Ghost faces a lot of competition right from the start. The aforementioned Salt Security raised tens of millions of dollars for its technology to protect APIs from malicious abuse. No nameanother company aiming to solve API security problems hit a $1 billion valuation after a $135 million Series C raise last December. Traceable AI, 42crunchand sequence also offer comprehensive API security services, while on the app security side, there are providers like Astrix security and Enso security.
That doesn’t deter Hiro Rio Maeda, Managing Partner at DNX Ventures and investor at Ghost. That’s a sound investment, to be clear, given that the amount of venture capital investments for cybersecurity startups this quarter is down 35.8% quarter-on-quarter. according to to Pitchbook data.
“The rise in adoption of applications, APIs and microservices represents great growth potential for businesses, but also introduces many new attack surfaces,” Maeda said in a statement. “A better approach to securing these assets is needed and Ghost is well positioned to address this challenge.”
Ghost Security emerges from stealth to defend APIs and apps from attackers – TechCrunch Source link Ghost Security emerges from stealth to defend APIs and apps from attackers – TechCrunch