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Grip Security raises $41 million And Elbit Systems Makes $55 Million Deal with Holland

Grip Security

Grip Security pr pic photo by Eric Sultan

Grip Security, an Israeli SaaS security startup, raised $41 Million in a Series B round of funding led by Third Point Ventures. This brings the startup’s total investment to date to $66 million. At the same time, established Israeli defense contractor Elbit Systems sealed a deal to supply the firm’s multi-layered ReDrone Counter Unmanned Aerial Systems (C-UAS) to the Netherlands in a deal worth $55 million.

As part of the contract, Elbit Systems will supply several mobile, stationary and deployed configurations of the ReDrone integrated Counter-UAS solution along with a logistic support package and training.

The ReDrone Solution is comprised of Elbit Systems’ advanced DAiR Radar, signal intelligence (SIGINT) sensors, and COAPS-L electro-optical (EO) payload which provide an enhanced integrated aerial picture, along with high-end electronic attack capabilities, all fully controlled by a unified Command and Control system.

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Elbit Systems boasts that its ReDrone system provides functionalities” beyond the common active and passive sensors that enable it to rapidly detect and locate multiple drones simultaneously within the protected area.” The system can detect, identify, locate, track and neutralize hostile UAS during day and night, both in urban and rural environments and under various weather conditions.

Oren Sabag, General Manager of Elbit Systems ISTAR & EW, said, “The growing threat of drones creates an increasing demand for our Counter UAS solutions. We have leveraged our technology of advanced radar, signal intelligence, electro optic and electronic warfare technologies to develop an advanced, open and future ready solution for this emerging requirement of our customers. We are very proud to have been selected by the Netherlands to supply this solution and further strengthen our long term partnership.”

Grip Security was founded by Lior Yaari (CEO), Idan Fast (CTO), and Alon Shenkler (VP R&D) in February 2021. Grip now plans to triple its workforce in 2022 from 25 employees today to more than 75, accelerate product development and expand its go-to-market in the US.

Grip Security’s automated solution discovers hundreds of shadow applications and thousands of dormant accounts that have ungoverned continued access to customer data, production environments and more. Visibility is no longer the sole issue for security teams and Grip’s solution responds accordingly. Grip was devised to be quicker and smarter than malicious actors that are now ubiquitous in the SaaS environment and provide customers with rapidly deployed solutions for access management and data governance that look beyond CASBs and web gateways.

“Every company is experiencing the proliferation of SaaS apps and Grip has proven repeatedly that it has the best solution in the industry. This has propelled our growth during these challenging economic times because we are focusing on a critical problem that needs to be addressed urgently,” said Lior Yaari, CEO and co-founder at Grip Security. “This new funding allows us to accelerate our innovation as we further distance ourselves from the competition and capture the exploding need for SaaS identity risk management.”



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