PRESS RELEASE
TEL AVIV, Israel — (COMMERCIAL WIRE)– Miggoa cybersecurity startup introducing the first Application Detection and Response (ADR) platform, today announced $7.5 million in seed funding led by a global cybersecurity VC firm YL Ventures with the participation of CCL (Cyber Club London), cybersecurity leader of Elastic and Everon and former CISO of Google, Zscaler and Nike. Miggo’s ADR platform fills a critical gap in application security by enabling security teams to detect and respond to targeted attacks on applications in real time.
2023 saw an increase in high-profile application attacks that went undetected by traditional tools. The breaches of MOVEit, Microsoft SharePoint, Ivanti Gateway, and GoAnywhere highlight critical AppSec blind spots in application behavior at runtime and how attackers are hedging their bets on this well-known and ongoing security gap. According to Justin Somaini, partner at YL Ventures and former CISO of Unity, SAP and Yahoo!, “Production applications are one of the few true blind spots in today’s security programs. Last year’s incidents alone highlight how critical it is to protect the application layer. This is a space that still needs a lot of innovation to address what traditional tools can’t do.”
Today, applications are the primary target of nearly 80% of data attacks, according to data Verizon 2023 Data Breach Investigation Report. More recent changes towards a distributed application architecture, requiring multiple chains of trust between different services, have further expanded the domain’s threat landscape. Attackers can manipulate flows between services without detecting existing security sensors such as EDR, WAF, and CNAPP tools. The only way to identify such malicious activities is to directly view the applications while they are running.
Led by Daniel Shechter, CEO and co-founder, and Itai Goldman, CTO and co-founder, Miggo has developed a platform that analyzes interactions and data flows within applications to detect and mitigate attacks before they can degenerate into violations. “We must proactively address this massive and largely invisible attack surface. Not only do we need precise detection and response for unexpected behavior directly in live application environments, but also insight and understanding into the inner workings of today’s applications distributed as they are executed,” Shechter explained.
Miggo’s technology discovers and precisely maps the architecture of distributed applications to establish behavioral baselines and monitor deviations from intended design or code execution flows. Leveraging the live context of the application, Miggo determines whether a deviation indicates the application is exploitable, under active exploitation or backdoored, and initiates targeted mitigation measures to contain breaches by identifying the offender and affected areas to make precise recommendations repair strategies.
According to CISO Mike Melo, the combined ability to detect real-time threats to applications and respond within applications represents a key innovation. “Miggo is finally providing transparency for our most significant attack vector with the exact tools every stakeholder needs to protect and defend mission-critical assets. ADR is the unified solution we need to not only give us application-level visibility and control, but also dramatically reduce the average time it takes to detect and respond to application attacks,” he said.
Find out how Miggo can protect your applications from the next generation of cyber threats. Visit migo.io for more information and to schedule a demo.
About Miggo
Miggo is the first application detection and response platform, providing the visibility, response and insight needed to prevent application breaches. By using internal application context to shed light on the larger attack surface, Miggo ADR allows enterprises to monitor application behavior at runtime and prevent attackers from manipulating chains of trust between deployed services. With Miggo, monitor application weaknesses and identify and mitigate attacks in real time. Visit migo.io for more information.
About YL Ventures
YL Ventures funds and supports visionary cybersecurity entrepreneurs from seed to scale to help them turn transformative ideas into market-leading companies. The company accelerates business growth with personalized support through its powerful network of Chief Information Security Officers, global industry leaders and a dedicated team of multidisciplinary experts. Based in Silicon Valley, New York and Tel Aviv, YL Ventures manages five funds with total assets under management of $800 million. The company has a long history of building cybersecurity unicorns such as Axonius and Orca Security, and its portfolio companies have been successfully acquired by high-profile global industry leaders, including Palo Alto Networks, Microsoft, Okta and Proofpoint . In 2022, YL Ventures ranked 8th out of more than 250 venture capital firms in PitchBook’s prestigious Global Manager Performance Score League rankings and was the only cybersecurity-focused VC to secure a place in the top 10.