Descope, a new Israeli cybersecurity startup, raised $53 million in Seed funding led by Lightspeed Venture Partners and GGV Capital, with participation from Unusual Ventures, Dell Technologies Capital and others.
This is some good news for Israel Startup Nation as recent times have seen more local companies contract than bring in new funding. And expectations are that 2023 will bring with it growth and an end to the lean times.
This is because cyber security is more important than ever. Hackers are not only motivated by money or politics. They often just like being malicious. So even small companies need to be on their guard and be sure to properly protect their systems.
Founded in 2022 by the team of entrepreneurs who established Demisto, by CEO Slavik Markovich, Dan Sarel, Rishi Bhargava and Guy Rinat, Descope declares its goal is to lighten the burden of authentication and user management from app developers’ shoulders, enabling them to do their best work.
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The founders had their exit when Demisto, a security automation and response (SOAR) startup, was sold to Palo Alto Networks in 2019 for $560 million. The exit came just four years after the firm’s founding, so, Markovich, Bhargava and Rinat have a proven success record that certainly led to investor confidence in their new venture. But with that also comes great expectations.
If you’re building a consumer app, explains Descope, a developer may be tempted to quickly implement a username-password process in-house. But they will soon find themselves spending time on reset flows, password storage, adding fraud and bot prevention controls, fielding help desk tickets for forgotten passwords, adding OTPs and social logins as the user base expands.
For business apps, the list is even longer. If one is building authentication in-house for a B2B app, Descope warns to be prepared to spend resources setting up multi-tenancy, implementing per-tenant authorization, automating user provisioning, figuring out the SAML and SCIM standards, tackling access control, et al.
Co-Founder and CEO of Descope Slavik Markovich said, “We are grateful for the trust placed in us by our partners and are determined to achieve the mission in front of us: building a frictionless, secure authentication and user management service for every application developer. And we mean every application developer – whether you’re on team no-code, lean towards SDKs, or think API-first, Descope has an implementation flavor that suits your preferences.