December 17, 2018 / 2:02 PM / 9 months ago

U.S.-Israeli cloud security firm Avanan raises $25 mln

TEL AVIV, Dec 17 (Reuters) - U.S.-Israeli enterprise security provider Avanan said on Monday it raised $25 million in a funding round from existing investors StageOne Ventures, Magma Venture Partners and Greenfield Partners.

The company said its customer base has increased 10-fold in the last 12 months, protecting over 1 million end-user accounts. It plans to use the new funding to accelerate its growth.

Avanan said its technology helps companies secure Office 365 and other software-as-a-service applications from phishing attacks, malicious content, data leakage and account takeover. Its platform allows customers to choose security technologies from leading vendors in the industry.

“Every company will need to adopt a solution like Avanan, just like they needed to install antivirus on their Windows PCs,” said Yuda Doron, an investor from Greenfield Partners. (Reporting by Tova Cohen)

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