Canonic Security, a Tel Aviv, Israel-based cybersecurity startup protecting SaaS business applications, emerged from stealth with $6 million in seed funding from leading global investors including First Round Capital, Elron Ventures, SV Angel, and Operator Partners.
The company also unveiled the Canonic App Governance platform, powered by the industry's first app sandbox. The commercially available platform redefines SaaS application security by allowing enterprises to simulate third-party apps and SaaS-native code behavior in its SaaS sandbox environment before granting access to organizations' business applications.
The investment accelerates the product's go-to-market and development initiatives, which are already in full force with over twenty deployments worldwide.
Company: Canonic Security
Round: Seed Round
Funding Month: February 2022
Lead Investors: First Round Capital, Elron Ventures, and SV Angel
Company Website: https://www.canonic.security/
Software Category: SaaS Application Security platform
About the Company: Canonic Security led by cybersecurity industry veterans CEO Boris Gorin and CTO Niv Steingarten. Canonic Security is a SaaS Application Security platform that continuously profiles apps and user accounts, identifies suspicious or out-of-policy behavior, and automatically reduces the SaaS attack surface. The platform provides access intelligence and vulnerability insight, detects SaaS-native threats, and helps security teams respond quickly. Canonic automatically maps business applications' interconnectivity, uncovering harmful, vulnerable, or overprivileged apps and integrations to reduce the risks involved with third-party API access. The Canonic App Governance platform has already sandboxed tens of thousands of apps, protecting hundreds of thousands of users across several industries including leading healthcare, defense, and software organizations. Canonic currently employs more than thirty professionals with many cyber researchers and engineers coming from leading security companies like PerimeterX, Sygnia, and Proofpoint.