Savvy, a new platform designed to secure Software-as-a-Service (SaaS) apps, has launched after raising $30 million in funding. The platform aims to address the challenge of securing SaaS apps, which have become an essential part of how many companies do business. According to Statista, the average number of SaaS apps used by organizations worldwide has increased from eight in 2015 to about 130 in 2022.
Savvy was cofounded by Guy Guzner, who previously co-founded cybersecurity startup Fireglass, which was acquired by Symantec for $250 million in 2017. The startup has developed a browser extension that alerts users through pop-ups when they are about to take an insecure action, such as submitting sensitive data to an unsecure source. The platform allows security teams to create workflows and automation playbooks to track and address these actions. It can also provide insights and metrics down to the user level and perform employee risk profiling.
Savvy differentiates itself from other startups in the space by aiming to improve cyber hygiene without interrupting productivity. While some users may find this approach invasive, monitoring tools like Savvy are becoming more common. According to Harvard Business Review, 60% of companies with remote workers currently use staff monitoring software.
When it comes to privacy, Savvy takes precautions to limit the collection and use of sensitive data. The platform processes data locally and offers a deployment model where customers can run the platform in a private cloud. However, Savvy does collect metadata for monitoring and reporting purposes, retaining it for 180 days by default.
The newly raised funds will be used to scale Savvy’s go-to-market presence, expand its 50-person team, focus on the U.S. market, and enhance customer support and success functions. The company already serves several Fortune 500 customers in the technology, hospitality, and consumer goods sectors, with a total of 100,000 users under its management.
While cybersecurity startup funding has seen a downturn recently, Savvy appears to be in a stable position and is experiencing growing demand from enterprise customers, prompting the decision to raise funds and scale the company.
