The Israeli cybersecurity start-up, Savvy, was established in August 2021, but but has been operating under the radar without media coverage. This week , the company was revealed for the first time after raising $30 million – $8 million in a seed round in 2021, from Cyberstarts and Lightspeed venture capital funds, and an additional $22 million in a Series A round, completed two months ago, led by Canaan Partners and with participation from previous investors.
Savvy operates in the realm of protecting organizations from employees’ usage of third-party applications. The widespread adoption of SaaS (Software as a Service) applications, which are cloud-based and do not require download or installation, allows employees to enhance their productivity and efficiency by using external tools. However, this also presents a significant security challenge, as the organization is not always aware of the employees using these tools, which could potentially lead to data leaks.