Oligo Security, the firm focused on Application Detection and Response (ADR), announced $50 million in Series B led by Greenfield Partners, with participation from Red Dot Capital Partners, Strait Capital, and existing investors Ballistic Ventures, Lightspeed Venture Partners, and TLV Partners.
The proceeds will be used to fuel global go-to-market efforts to meet the demand for the Oligo platform, which aims to find “exploitable application vulnerabilities in real-time” and stops cloud-native attacks.
The investment round brings Oligo to $80 million in total funding in “less than two years.”
The growth of vulnerabilities in cloud-native software has created a near-impossible challenge for security organizations “tasked with finding, fixing, and defending against software vulnerabilities.”
More than 100 new vulnerabilities “are reported each day, contributing to insurmountable patch backlogs.”
Attackers are taking advantage of this, as vulnerability exploits “nearly tripled last year, and the average time-to-exploit (TTE) a vulnerability is now five days, down from 32 days just a few years ago.”
AI-assisted code generation is supercharging this issue, “producing a variety of vulnerabilities.”
To combat this, security organizations must transform “the way they identify real application risk and stop application-based attacks.”
Existing application security and runtime approaches are “not suitable for this new era of modern software, and therefore don’t deliver the step-function needed to truly reduce risk and stop attacks on cloud applications,” according to Nadav Czerninski, co-founder and CEO, Oligo Security.
Oligo provides deep application inspection at runtime, “enabling real-time visibility into library and function-level activity.”
With this capability, security teams can accurately “pinpoint where code vulnerabilities exist and if they are in use, providing a clear picture of true application risk.”
The Oligo platform monitors application behavior to “detect anomalies and stop on modern applications before they become breaches.”
As a result, security and development teams can focus “on the vulnerabilities that pose real risk, and achieve the assurance that they are protected against unpatched or unknown attack vectors.”
The platform delivers “rapid time-to-value through easy deployment, uses less than 1% of CPU resources, and can scale to thousands of nodes.”
Oligo is reportedly positioned to “disrupt” areas of application security, from vulnerability management and workload protection to threat detection and response, said Avery Schwartz, General Partner, Greenfield Partners.
As noted in the update, security and development teams had been fighting an uphill battle in figuring out “which vulnerabilities to prioritize in their environments.”
With Oligo, the guesswork is “removed, and organizations can focus on the ones that are tied to tangible risk, while protecting themselves against those that do not have a CVE, like zero-day and shadow vulnerabilities.”
Co-founded by Nadav Czerninski, CEO, Gal Elbaz, CTO, and Avshalom Hilu, CPO, Oligo claims it has experienced positive “momentum since coming out of stealth in early 2023.”
Its platform powers the security programs of Fortune 500 customers and serves “organizations across financial services, healthcare, big tech.”
Oligo protects apps against attackers “with Application Detection and Response (ADR) platform.”
With deep application inspection through real-time monitoring and context-aware analysis, Oligo enables customers to see all of the “vulnerabilities in their environments, identify those that matter most, and stop application-based attacks in their tracks.”
Greenfield invests in “disruptive” technology and tech-enabled businesses globally at the Early Growth stage and then applies its Greenfield Growth Momentum (G2M) playbooks to “implement go-to-market practices that accelerate the path to global scale.”
Having spun out of TPG Growth in 2020, Greenfield “manages over $1 billion across its portfolio.”