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Sqreen Closes $14 Million Series A Funding Round Led by Greylock Partners
April 2019 by Marc Jacob
Sqreen, the industry’s first provider of Application Security Management (ASM), announced the close of a $14 million Series A funding round led by Greylock Partners with Y Combinator and previous investors Alven Capital and Point Nine also participating. Greylock partner Sarah Guo joins the board. To date, Sqreen has raised more than $18 million in total funding.
Sqreen’s ASM platform, used to protect more than 500 companies around the world today, is a modern approach to security in production for web applications and cloud workloads. ASM leverages microagents embedded in applications to identify and automatically protect against threats in real time.
Sqreen is easy to use and deploy. With no software code modifications, Sqreen can be up and running and protect any web application in under five minutes. Its unique hybrid SaaS architecture allows instant and safe deployment through smart microagents, without having to redirect traffic or install complex on-premises software.
Sqreen goes beyond the HTTP layer and uses dynamic instrumentation logic to detect malicious activities within the application. It provides unprecedented visibility into web application security and risk, down to the code level. Dynamic protection modules – ranging from runtime application self-protection (RASP), to in-app web application firewall (WAF), account take-over (ATO) protection – can be enabled with just one click. Sqreen’s RASP module is the most broadly deployed in the world.
“The state of the art for application security is outdated and complex with approaches that don’t work in production, slow down app development, and are expensive to use and maintain. Today every company is a software company, and Sqreen supports that by putting a scalable security solution in the hands of developers, operations and security teams.” said Sarah Guo, Greylock partner. “Just as application performance has become key to every digital business, and APM is embedded in every app that matters, application security will too. Sqreen’s fresh approach is a paradigm shift — a unique platform that eliminates the tradeoff between innovation and security.”
According to technology research firm Forrester, application security spend will double over the next five years at a 16.4% compound annual growth rate, reaching $7.1 billion in annual spend by 2023.
Sqreen was created by former leaders of Apple’s offensive security team. They saw the need for a powerful solution to modern application security challenges, with Apple-quality simplicity, design and ease of use.
“Security is a must-have for SaaS and internet companies and organizations of any size that ship software for their business,” said Pierre Betouin, CEO and co-founder of Sqreen, formerly the leader of Apple’s security Red Team. “Security needs to enable developers and the rest of the company. It can’t be a silo that blocks or slows down releases anymore. We bring true collaboration between the developers and security teams.”
“Security is a core component for us, but I felt like a security beginner. It’s wonderful to work with Sqreen because I get accurate insights about attacks that we’re having and it’s very straightforward to see how we can improve our application’s security,” said Sacha Morard, CTO, Le Monde Group.
“Sqreen was very easy for developers to integrate and for a security product, they have a very good feel for the user experience – it’s pretty snappy,” said Jack Eisenberg, CTO of Swell Investing, an online investing platform and subsidiary of insurance giant Pacific Life. “We used Sqreen to quickly set up rules that let us prevent a lot of shenanigans.”
