Getting Started with Application Cybersecurity Canonical security launched today in stealth mode with $6 million in new funding to accelerate its go-to-market and development initiatives.
Investors in the round included First Round Capital, Elron Ventures, SV Angel and Operator Partners.
Led by cybersecurity industry veterans Boris Gorin, former senior director of enterprise security firm Proofpoint Inc., and Niv Steingarten, co-founder and vice president of software analytics firm OverOps Inc., Canaonic offers a cybersecurity product designed to protect software-as-a-service applications.
Canonic argues that highly composable environments integrate components from third-party business applications and citizen developers without requiring standardized vendor controls, ultimately expanding the attack surface. As a result, security and information technology teams are overloaded with application review and approval processes.
IT teams would also struggle to enable employees to push needed applications into existing IT-approved business applications. Canonic automatically maps line-of-business application interconnectivity, discovers harmful, vulnerable, or overprivileged applications and integrations, and reduces the risk of accessing third-party application programming interfaces.
“The SaaS ecosystem continues to grow as organizations increasingly benefit from ease of access and interconnection,” said Boris Gorin, co-founder and CEO of Canonic Security. “However, legacy CASB and SSPM technologies fail to adequately protect critical business applications.”
The company also unveiled the Canonic App Governance Platform, powered by the industry’s first application sandbox. The commercially available platform is said to redefine SaaS application security by allowing enterprises to simulate third-party applications and the behavior of native SaaS code in its SaaS sandbox environment before granting access to line-of-business applications. organizations.
Although only launching today in stealth mode, Canonic already has more than 20 deployments worldwide. The Canonic App Governance Platform has sandboxed tens of thousands of apps, protecting hundreds of thousands of users across multiple industries including healthcare, defense, and software organizations.
Canonic’s workforce is currently 30 people. The company’s employees include cyber researchers and engineers who previously worked at security companies such as PerimeterX Inc., Sygnia Inc., and Proofpoint.