Elastica, a cloud security startup launched in 2012, is coming out of stealth mode with $6.3 million in Series A funding from the Mayfield Fund. The startup is also launching its new apps that offer real-time threat detection and even post-incident forensic analysis. The latest funding takes the total capital raised to $12.6 million.
As more enterprises embrace SaaS and other cloud-based services, they are increasingly feeling the need to have a different approach to security beyond just traditional firewalls. This shift means over $2 billion annual market for cloud security vendors like Elastica. As Gartner noted last year, the highest growth is forecast to occur in cloud-based tokenisation and encryption, security information and event management (SIEM), vulnerability assessment and web application firewalls.
Elastica joins a fast growing club of cloud security startups promising to combine data science and in some instances even machine learning tools to help companies and employees secure SaaS data. There’s huge investor interest in the segment and some of the biggest names in the enterprise software world are backing many of these startups.
Elastica was founded in 2012 by Rehan Jalil, former CEO of WiChorus, which was sold to Tellabs for $165 million in 2009.