Mitiga, an Israeli cloud security startup, has raised $45 million in a series A funding round led by ClearSky Security, bringing its valuation to over $100m.
Mitiga’s service offers cloud and software-as-a-service (SaaS) incident response and investigation solutions. It analyses cloud forensics data using a library of cloud attack scenarios to detect attacks and orchestrates responses in real-time.
Cloud security remains a top priority for businesses, with 90% of organisations surveyed by O’Reilly in 2021 using cloud computing. The PwC polled U.K. executives and found that 39% expected cloud-related risks to “significantly affect” their organisations in the coming months.
Mitiga faces increasing competition in the sector from startups such as Wiz, Sentra, Dig Security, Laminar and Opus Security. The global market for cloud security could grow from $48.57 billion in 2022 to $116.25 billion in 2028, according to Insight Partners.
The new funds will be used to expand the company’s 56-person workforce and develop the product further.