DoControl Raises $10M As SaaS Application Use Grows

As major SaaS applications such as Google Drive and Microsoft OneDrive proliferate across the enterprise landscape, companies are left to figure out how to secure the data that is moving to them.

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New York-based DoControl is looking to do just that after raising a $10 million Series A.

The new round was led by RTP Global, with participation from StageOne Ventures, Cardumen Capital and the CrowdStrike Falcon Fund. Founded just ten months ago, DoControl has now raised $13.35 million.

DoControl has seen significant adoption in a short period of time, said co-founder and CEO Adam Gavish. It has more than 50 customers, as more companies look for ways to monitor and secure their data in large SaaS applications that now serve their entire workforce — making sure the wrong people aren’t accessing what they are not supposed to.

The problem only has proliferated as companies have become more reliant on such applications after employees were forced to work from home last year because of the pandemic.

“SaaS adoption has just been tremendous with COVID and the pandemic,” he said.

A growing competition field

DoControl’s automated platform provides data access monitoring, orchestration, and remediation across the SaaS applications many companies use — attempting to lighten the workload on security teams already stretched thin, Gavish said.

The idea to monitor that data is not entirely new, with other cybersecurity companies such as Obsidian Security, AppOmni and Altitude Networks all offering solutions in the market.

However, Luke Page, partner at RTP Ventures, said there is a major difference between DoControl and what already is in the market.

“Those companies build the visualization….but (DoControl) is built to be action oriented,” he said.

Gavish said he is not afraid to join a market with competition.

“None (of those companies) are listed on the NASDAQ, so we are not late,” he said.

Funding

DoControl will use the new money to hire engineers and increase its sales and marketing, Gavish said. He expects the company will grow from 14 employees to 22 by the end of the year.

While the company is mainly working with mid-market customers, Gavish said he expects to close significant enterprise contracts in the near future as the company already is in talks with some.

He believes DoControl can reach a “seven digit” ARR in 12 to 18 months.

“That is very close to reality,” he said. “This market is booming.”

Illustration: Li-Anne Dias.

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Source: https://news.crunchbase.com/news/docontrol-raises-10m-as-saas-application-use-grows/

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