"The thing that people like about Orca is that it simply works - it's as easy as installing a smartphone app yet provides the best and most comprehensive security for your cloud environment."
Avi Shua, CEO of Orca Security
LOS ANGELES – 23rd March 2021 - Cloud security innovation leader, Orca Security, has today announced a successful $210 million Series C funding round. The round was led by CapitalG and Redpoint Ventures and follows shortly after a Series B round in December 2020 and which now firmly secures Orca's position as one of the world's fastest cybersecurity companies to reach unicorn status. Despite only being founded 2 years ago, Orca has now raised nearly $300 million in funding and is already valued at $1.2 billion.
Existing investors GGV Capital and ICONIQ Growth participated in the Series C round along with Silicon Valley CISO Investments (SVCI) who invested their personal funds and expertise in clear support of Orca Security’s technology and rapid success.
“Most of our existing investors also invested in the Series C. We were looking for partners who want to be with us for the long term, that are not trying to find a quick way to invest then sell the company and we found both Redpoint and Capital G to be the best partners to lead the round and we’re extremely happy” explained Orca Security’s CEO, Avi Shua.
Orca Security has achieved an incredible 1,000% year-on-year growth in 2020 and can already name Robinhood, Databricks, Unity, Live Oak Bank, Lemonade and BeyondTrust amongst its many customers.
“Everyone is moving to the cloud and the need for security is only getting bigger. We have customers of all sizes and from a range of industries and this is an important characteristic as it shows there’s a market for our product across segments. We’ve seen a record speed in the time that customers are taking to buy, where 60-70% buy from the time that they first look at our product - which is amazingly fast in our industry “ Avi explained.
This latest funding round will enable Orca Security to continue to disrupt the cloud security industry with its agentless SideScanning™ technology that gives enterprises 100% visibility and coverage and can read an organization’s cloud configuration in minutes, identifying vulnerabilities, malware, misconfigurations, lateral movement risk, authentication risk, unsecured PII, and more.
“The best way to summarize our technology is simply that it works. When we look at the alternative solutions for cloud security, they are providing very little visibility, some of them require the installation of agents and these are processes that take months. The thing that people like about Orca is that it simply works – it’s as easy as installing a smartphone app yet provides the best and most comprehensive security for your cloud environment” Avi explained.
“The thing that I love to tell prospects is that you don’t need to trust a single word I say, you can deploy Orca literally in minutes and then see for yourself that it provides better security than an alternative solution that it took you months to deploy, and we are showing people that in a matter of minutes from the installation.”
Orca has recently opened a new office in Austria and, as we speak, is planning a new Australian office to help better serve the APAC market. By the end of 2021, Orca aim to triple its R&D and sales teams and expand its sales offices in Europe as well as expanding its partner program across Europe, adding new partnerships in the UK and Germany. The company also continues to build rapid customer traction with partners in the U.S., Australia, and Japan.
As I said back in my May 2020 article when I covered Orca’s Series A funding, once in a while a technology company comes along where you get a sense that something important is happening. Well, clearly something important ‘is’ happening in the cloud security industry. Orca Security has gone from seed to Series C in lightning-fast time, has an impressive customer base, is growing a worldwide team and has built a robust and loyal partnership with their investors. It would now seem highly likely that an IPO will be a natural step for Orca Security in the near future.
“We’re moving really fast and it’s really exciting. We were around 20 people a year ago, now we are closer to 100 and we are going to be 200 by the end of this year. Our goal is to be the leader in the cloud security space. An IPO is definitely something we are going to do. Are we going to do it this year? Probably not. We have enough capital and other areas we’re focusing on, but will we do it in the future? Certainly” Avi explained.
“I’ve been in this industry for more than two decades. Ten years ago, if you talked about cybersecurity, it was something that only geeks were concerned about but now it is something that the board and the CEO are concerned about because they know it is the top risk for business continuity. It’s something that needs a much more robust approach and needs tools that actually work. What the industry needs is a solution that you can rely on, that relies on technology and not processes to secure your cloud environment, and our goal is to be the company that leads that approach.”