Techjockey News

Grip made an announcement that it raised $41 million in a funding round led by Third Point Ventures. Former investors The Syndicate Group, YL Ventures, and Intel Capital also took part in this round which made Grip’s entire funding $66 million.

Grip Security gives businesses the tools which protect their software applications from unauthorized access and classifies itself as the industry’s first SaaS in charge of security.

Since making its debut in 2021, Grip has improved its messaging a little bit to prioritize its potential to minimize identity risk which is a major concern for a lot of enterprises.

The number of cloud accounts and tools used in most businesses continues to increase, and not all are under the IT and security departments’ auspice. Grip’s tool will enable the security department to get an overview of the tools being used by employees. This will allow them to carefully manage user identity access.

When employees register on SaaS applications, they are provided with an identity by the company. The security team have the responsibility for managing these identities. However, they did have complete visibility on who is using these identities. Therefore, Grip helps them in getting visibility on all the identities and their access from a single solution.

Grip bookings have grown by over 400% in the past year, with many Fortune 500 companies now using its service. The company also tripled its employee listings and increased its go-to-market performance, in the United States.

The company is also planning to expand its reach in new geographic territories as the demand for security solutions rises all over the globe.

According to Lior Yaari CEO and Co-founder of Grip They want to be an important part of the identity fabric, specifically SaaS identities and as this scenario of problem increases, Grip will construct solutions to help reduce identity risk.

Among the latest capabilities Grip plans to soon launch a function that will allow businesses to imply the use of multi-factor authentication over SaaS products. For many companies, this is one of the biggest compliance challenges now.