Israeli Unified Security Repair Company It passed Greylock today announced the closing of a $50 million funding round co-led by Cyberstarts, Insight Partners, and Index Ventures. This latest round brings the company’s total raised to $110 million. No valuation was disclosed, with TechCrunch reporting that the funds were raised at a valuation of around $400 million.
The new funds will support Dazz’s goal of helping security and engineering teams efficiently reduce exposure and accelerate the company’s momentum in redefining and resolving risk with AI technologies.
Dazz was founded in 2021 by CEO Merav Bahat, CTO Tomer Schwartz, and VP of R&D Yuval Ophir. Dazz says it has seen rapid growth in customers with Fortune 500 and high-growth companies like BHG Financial, Healthfirst, TaxSlayer, iCapital, and Abnormal Security across financial services, healthcare, pharma, technology, retail, and manufacturing. Customers have used the Dazz Unified Remediation platform to automatically find and manage 1.2 billion vulnerabilities and resolve nearly 500 million issues at the root, saving significant amounts of security and engineering time, as well as dramatically reducing the chance of security incidents.
Dazz says it has achieved 400% growth in annual recurring revenue between 2023 and 2024, while doubling its sales workforce and expanding its presence in the US, Europe and Israel.
“In a world where security breaches occur every 11 seconds, the continued rise of AI-powered threats poses a significant risk of increasing the efficiency and scalability of attacks,” says Bhatt. “At Dazz, we are seeing significant commercial momentum, thanks to a critical market gap that Dazz uniquely addresses. The past year has proven that our innovation and execution are driving unprecedented growth, which this new round of funding will accelerate.”
Dazz has revolutionized vulnerability management and remediation processes with patented AI, automation, and root cause analysis technologies that enable security and engineering teams to identify, prioritize, and fix vulnerabilities in hours instead of weeks. The company’s unified remediation platform provides end-to-end visibility across all detection tools and environments, including code, cloud, and security issues, and reduces mean time to remediation (MTTR).
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 24, 2024.
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