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Elastica is the latest SaaS security firm to double down on expansion. Recent notables include Adallom and Bitglass.

Elastica is the latest SaaS security firm to double down on expansion. Recent notables include Adallom and Bitglass.

Elastica, a cloud security firm founded in 2012 to solve an increasingly acute headache for enterprise SaaS and BYOD adopters, exited stealth mode this morning after securing $6.3m in venture funding from Mayfield Fund. The company said it will use the cash to take its CloudSOC (security operations centres) offering to ‘elastic enterprises’ everywhere.

The proliferation of software as a service and BYOD in enterprises always seems to be accompanied by so-called ‘shadow IT,’ due mostly to a lack of visibility into unsanctioned (and often, sanctioned) applications.

Elastica’s offering essentially aims to “take the covers off shadow IT” by securing SaaS-based applications. It does so by implementing security controls for applications running within a given network, as well as providing auditability, universal access controls to users on mobile devices and deskptops, compliance assurance and real-time threat detection.

The company said its secret sauce is in the machine learning algorithms it employs for real-time threat detection, which it claims can zero-in on threats without having to sift through billions of rows of historical data (though if a company needed to, it does pack forensic capabilities).

“We are focused on enabling the elastic enterprise, where companies can achieve the business agility, collaborative capabilities and cost efficiencies to effectively compete in today’s market,” said Rehan Jalil, president and chief executive officer of Elastica.

“By harnessing advanced data science and machine learning, our unique solution provides a missing piece to securing cloud services and applications so that this vision of an elastic enterprise can become reality,” Jalil added.

With four in five enterprises now using some kind of software as a service solution (whether their IT departments know it or not) according to Frost & Sullivan, Elastica joins a growing fleet of cloud-based SaaS security solution providers to have scored more funding to cater to the fast growing market. Recent notables include Israel-based Adallom (which also deploys machine learning technologies for threat detection) and Bitglass.

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