Seemplicity raises $32M to launch productivity platform for security teams
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Today, Seemplicity launched a new risk reduction and productivity platform for security teams with $32 million in funding, with $26 million provided as part of a series A funding round led by Glilot Capital Partners.
Seemplicity has attracted a lot of investor attention due to its ability to collect, aggregate and normalize data from third-party security tools, including vulnerability management, appsec, penetration testing, API security, and software-as-a-service (SaaS) security tools in a single location to build automated risk reduction workflows.
For security teams, this approach has the potential to minimize time-consuming remediation actions that security analysts need to take when managing security findings in their environments.
Automating SOC operations
The release comes as more and more security teams struggle to keep up with the demands of modern security monitoring, with research showing that more than 70% of SOC analysts experience burnout, with 64% of SOC analysts saying manual work takes up more than half their time.
One of the core reasons for this burnout among SOC analysts is that most security teams are relying on unscalable approaches to security with many manual processes, such as triaging alerts and manually investigating incidents, that take up hours of analysts time.
“When it comes to risk reduction, security teams are fighting the perfect storm — untangling thousands of inconsistent security findings from siloed tools on the one hand, while working with multidisciplinary remediation teams on a constantly evolving technology stack on the other,” said Yoran Sirkis, cofounder and CEO of Seemplicity. “The manual, fragmented, and non-continuous operational methodologies in place today that aim to bridge between security findings and remediation teams prevent security teams from scaling and significantly extend the overall time to remediation.”
Seemplicity aims to provide security teams with a unified platform where they can integrate data from other existing security tools and build automated workflows to manage the findings of multiple security tools in one place.
The organization claims this approach to automation reduces the amount of time security analysts spend on manual operations by 80% and increases remediation throughput sixfold.
A look at the risk-based vulnerability management market
As a risk reduction provider, Seemplicity falls within the security and vulnerability management market, which researchers valued at $13.8 billion in 2021, and anticipate will reach a value of $18.7 billion by 2026.
More broadly, the company is competing against risk-based vulnerability management (RBVM) tools and application security orchestration and correlation (ASOC) tools.
One of these competitors is Tenable, which recently announced annual revenue of $541.1 million, and offers a RBVM tool that uses machine learning to analyze more than 20 trillion threats, vulnerabilities and asset data points to help prioritize the most significant vulnerabilities.
Another competing RBVM provider is Balbix, with Balbix Security Cloud, that can continuously analyze hundreds of billions of time-varying signals to continually analyze vulnerabilities and prioritize them, so that security teams can address the most significant vulnerabilities first.
Balbix recently raised $70 million as part of a series C funding round.
However, Sirkis argues that Seemplicity goes beyond consolidating and prioritizing findings, and instead, “focuses on the outcome rather than the output — reducing time-to-remediation,” so that security teams don’t need to manually operate the entire remediation lifecycle.
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