An ex-Googler just raised $38 million to catch 'silent' security failures. Read his startup's pitch deck.
· Business Insider
Netanel Tobias
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- Cybersecurity startup Fig has emerged from stealth with $38 million in funding.
- Fig CEO and cofounder Gal Shafir previously worked on security products at Google Cloud.
- Fig tracks a company's security systems and flags when they're silently failing.
Fig Security, a startup cofounded by a former Google Cloud security executive, emerged from stealth with $38 million in funding to tackle what it calls a growing problem: "silent" security failures.
Team8 and Ten Eleven Ventures led the seed and Series A funding for the one-year-old startup.
Fig cofounder and CEO Gal Shafir says large companies rely on dozens of fragmented tools to detect threats, and those systems can quietly stop working effectively over time as they're updated and adjusted.
"Nobody really knows if their detection rules are silent because they were secure or because something got broken in the data plumbing a couple of months ago," Shafir told Business Insider.
To address that problem, Fig's software maps how a company's security alerts should flow from the moment data is created to when a human or system responds. In the event of a disruption, it flags the issue and lets teams test potential fixes before rolling them out.
Shafir cofounded the company, alongside chief product officer Nir Loya Dahan and chief technology officer Roy Haimof. Shafir and Dahan previously worked at the cybersecurity company Siemplify, which Google acquired for $500 million. Shafir later led security architecture at Google Cloud.
Shafir told Business Insider that the team raised a seed round in April of last year, shortly after quitting their jobs, and then a preemptive Series A eight months later. Fig will use the funds to scale engineering and sales teams, Shafir said.
Fig, which has offices in New York and Tel Aviv, counts large enterprises as customers. The company has 25 employees, with plans to triple head count this year, Shafir said.
Here's a look at the pitch deck Fig Security used to raise $38 million. One slide has been redacted, and another removed, so the deck can be shared publicly.
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