Oligo Security, an Israeli cybersecurity startup, exited stealth with $28 million in Seed and Series A funding raised in nine months from Lightspeed Venture Partners, Ballistic Ventures, TLV Partners, venerated cybersecurity entrepreneur and investor Shlomo Kramer, and more.
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.
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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.
Founded in 2022 by former officers who served in the Israel Defense Force’s elite cybersecurity units, CEO Nadav Czerninski, CTO Gal Elbaz and CPO Avshalom Hilu, Oligo Security boasts that the firm offers the “most precise” open source security solution, leveraging runtime application context while maintaining performance and stability. Using Oligo, it says, customers are able to save time and focus on the relevant vulnerabilities that are being used in runtime, thus reducing the workload of responding to security alerts by about 85%.
Oligo’s solution has already been adopted by leading companies in computer technology, analytics software, global commercial real estate and investment services, as well as online financial services.
Oligo explains open source code comprises 80 to 90 percent of modern software, providing an attractive attack vector for nation-states and cybercriminals. While awareness of the need for open-source code security is rising, existing software composition analysis (SCA) solutions fall short leaving organizations exposed. They are noisy, producing large volumes of false positives and do not provide runtime application context for prioritization.
“After Oligo’s co-founder, Gal Elbaz, discovered that a widely used app like Instagram could be easily compromised by misusing an open source library, we realized that there is a significant gap in the way the market currently addresses open source security,” said Nadav Czerninski, Oligo Security’s CEO and co-founder. “We zeroed in on a protection method that inspects each library in runtime or staging, allowing us to precisely identify attacks in cases of deviations and to fix the vulnerabilities that matter.”