Highlights:

  • Notable customers include Clearcover Inc., Numan (U.K.) Ltd., Metromile Inc., Zego Holdings Ltd., Kantox Ltd, and Marshmallow Financial Services Ltd.
  • Series A round was led by Evolution Equity Partners LLC, with Connect Ventures Management LLP and Resonance Ltd. being other participants.

Metomic Ltd., a startup of data security solutions, recently announced that it has secured USD 20 million in new funding for research and development activities and U.S. expansion efforts.

Metomic was founded in 2018, and it provides a next-generation data security solution for safeguarding sensitive data in the epoch of collaborative software as a service. Privacy, security, and compliance teams utilize the company’s platform to create no-code workflows that automate data policies across their SaaS applications.

The company claims that as SaaS rises in popularity, challenges come from the need for more control and visibility companies have over what data employees upload in SaaS apps and whom they share it with. Consequently, confidential information, security credentials, and personally identifiable information are being stored and exposed needlessly-frequently by accident, showing a real risk to companies that rely on the productivity benefits of SaaS, but need to protect and control their most sensitive data.

Metomic’s platform can deliver real-time notifications to employees directly when they have uploaded sensitive data into the wrong environment, empowering a human firewall across the organization. The platform permits security professionals to see what data is being stored, who has access to it, and where it is.

The platform offers organizations control and visibility of their data across collaborative SaaS applications, including Slack, Google Apps, Zendesk, and Jira, by joining the data layer of these popular work tools.

Co-founder and chief executive of Metomic, Rich Vibert, said, “Security, I.T. and compliance teams have no visibility into the data employees are storing and sharing across third-party SaaS applications. By triaging critical risks and putting remediation in the hands of employees, we give security teams the most effective, scalable and modern way to protect their most vulnerable data, without getting in the way of high-value work.”

Over the last 18 months, Metomic’s platform has successfully prevented over 2 million data leak threats in SaaS ecosystems and found hundreds of millions of sensitive data points within SaaS apps. Out of the sensitive data found, 99% was accessible to people who shouldn’t have access or did not need to be where it was found.

Metomic has customers across North America and Europe, with 50% of its consumer based in the U.S. Clearcover Inc., Numan (U.K.) Ltd., Metromile Inc., Zego Holdings Ltd., Kantox Ltd, and Marshmallow Financial Services Ltd are few of the notable customers.

Series A round was led by Evolution Equity Partners LLC, with Connect Ventures Management LLP and Resonance Ltd. being other participants. Together with its U.S. expansion efforts, Metomic will also use the new funding to enhance its artificial intelligence technology and quadruple its employee headcount by the end of this year.