Orca Security founders Avi Shua and Gil Geron (PR Pic)
Orca Security, an Israeli cybersecurity startup and a unicorn that specializes in cloud services security, is having some trouble. The firm is letting go of 60 employees or %15 of its total workforce.
Orca Security first became a unicorn in October 2021 when it raised $340 million and hit a valuation of $1.8 billion. The company has raised a total of $640 million in investments to date.
But a lot has happened since then.
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Founded in 2019, Orca Security offers a cloud security innovation. The company provides cloud-wide, workload-deep security and compliance for AWS, Azure, and GCP. Orca boasts that it treats a client’s cloud as an “interconnected web of assets, prioritizing risk based on the severity of the underlying security issue combined with environmental context, including its accessibility and potential damage to the business.” This does away with thousands of meaningless security alerts to provide just the critical few that matter, along with their precise path to remediation.
“Orca has achieved an all-time high in terms of the number of customers, revenue growth of hundreds of percent since the last capital raising, and high customer satisfaction according to surveys,” Orca Security said in a statement about the cutbacks.
“Alongside these accomplishments, including our designation as a global AWS security partner, we, like other companies, are compelled to enhance efficiency during this period,” the firm added saying that Orca Security is “currently undergoing a reorganization process, bidding farewell to exceptional individuals who have played a pivotal role in Orca’s success.”
Orca also said that while it may be letting some people go, the company is still looking to expand.
At the end of 2021, SentinelOne, an Israeli cybersecurity firm, looked to buy out Orca Security at a $2.5 billion valuation. But that deal fell through.
In the summer of 2023, Orca Security filed a lawsuit against fellow Israeli firm Wiz, an Israeli unicorn that offers an API security platform, alleging copyright infringement.
The lawsuit seeks to block Wiz from signing any new businesses with technologies that Orca Security alleges infringe on its patents and seeks unspecified monetary damages.
