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Adallom secured $15m in a new round of investment led by Index Ventures.

Adallom secured $15m in a new round of investment led by Index Ventures.

Adallom, a software as a service security specialist announced Tuesday that it has raised $15m in a new round of funding led by Index Ventures. The company said it will use the money to double down on development and sales efforts.

Software as a service is beginning to dominate enterprises with more than 80 per cent of employees globally now using some kind of SaaS application according to Frost & Sullivan. But the increased reliance on infrastructure platforms that are often tricky (if at all possible) to audit can leave these businesses eminently vulnerable, which beckons the need for new security solutions to manage the perimeter.

Adallom (an abbreviation of the Hebrew saying “ad halom,” which means “up to here” or “the last line of defence”) is a security service that integrates with the authentication chain of a range of SaaS applications and lets IT administrators monitor usage for every user on each device.

The software works with a conjunction of end-point and network security solutions and has a built-in, self-learning engine that analyses user activity on SaaS applications and assesses the riskiness of each transaction in real-time, alerting administrators when activity becomes too risky for an organisation given its security policies.

The company, which has its headquarters in California and a research and development outfit in Israel, was founded in 2012. The recent investment of $15m from Index Ventures and Sequoia Capital Israel adds to the $4.5m it received in two years ago.

“As SaaS adoption continues to grow exponentially, protection gaps in legacy perimeter defenses have become more apparent, as indicated by our growing customer base,” said Assaf Rappaport, co-founder and chief executive officer at Adallom. “This new round by such respected venture capital firms will allow us to grow our sales force and add to our Tel Aviv-based development team.”