Today, we are extremely excited to announce that Gem Security has raised a $23 million Series A funding round, bringing our total funding to $34M. I’m thrilled to be working with GGV Capital, who led the round, as well as participating investors IBM Ventures, Silicon Valley CISO Investments (SVCI), and Team8 (who previously led our Seed round).
This is an amazing milestone, and I’m so proud of what we’ve achieved in such a short time. So how did we get to where we are today, and where are we headed?
Security Operations for the Cloud Era
The world is moving to the cloud. The average organization hosts 65% of its infrastructure in cloud environments and 72% of organizations use multiple cloud providers — this, and cloud adoption is only accelerating. This massive shift in the corporate IT environment has exposed organizations to new attack vectors, but SecOps teams are struggling to keep up.
Before Gem, we worked in incident response, helping large organizations to investigate and contain high-profile security breaches: we saw this firsthand. Traditional detection and response approaches weren’t designed to address the dynamic and complex nature of multi-cloud environments, and cloud expertise is in short supply. Existing cloud security tools are primarily designed for DevOps teams — analyzing static configurations to identify vulnerabilities. In comparison, Gem's platform is focused on real-time defense against cloud-native attacks, continuously analyzing cloud activity to enable SOC teams to identify and investigate any suspicious or unauthorized action.
The cloud changes everything for security operations and incident response teams, and our vision at Gem is to give the SOC the tools it needs to stop the threats that matter for the modern enterprise. Gem continuously ensures organizations are collecting the right multi-cloud telemetry to provide real-time breach visibility and extract and analyze cloud forensic data. We significantly shorten the time to detect cloud-native threats, with hundreds of configurable, out-of-the-box detection rules to provide complete coverage and behavioral analytics to eliminate the noise. And Gem’s platform for automated investigation dramatically reduces time to respond, and our cloud-native containment functionality gives teams the ability to stop cloud threats before they become incidents.
Gem is the only solution that provides a holistic approach for SecOps teams to tackle cloud-native threats. Instead of spending months writing custom detection rules, manually combing through logs for investigation, and struggling to stop attackers moving through the cloud environment, teams can get all the cloud context they need from a single platform. But instead of requiring organizations to adopt yet another single pane of glass, Gem’s approach integrates this context into existing SecOps workflows (SIEM/SOAR, IAM, CSPM, ticketing systems, etc), dramatically lowering the burden on teams already overwhelmed with increasing numbers of security tools and significantly shortening organizational timelines for cloud security transformation.
Accelerating Momentum
Our unique approach sets us apart, and so far in our journey, we’ve seen incredible market traction. Despite having only launched in early 2023, we’re already helping secure cloud operations for dozens of global enterprises in diverse verticals including financial services, hospitality, healthcare, manufacturing and industrial, energy, and eCommerce. We’ve exceeded our initial financial goals and seen significant expansion in annual recurring revenue.
We’ve also been recognized by Gartner twice in the past year, including as a Sample Vendor for Cloud Investigation and Response Automation (CIRA) in the Hype Cycle for Workload and Network Security, 20231, and as a Cool Vendor™ for the Modern Security Operations Center2. We’ve built strong partnerships with all major cloud providers, leading infrastructure platforms, and more. We’ve worked with both AWS and Azure to identify and fix security issues to improve protection for thousands of global organizations.
Shining Brighter
This initial success clearly validates the market need for Cloud Detection and Response, and as the cloud becomes increasingly central to the modern enterprise, Gem’s cloud detection and response is poised to become a critical piece of the security operations puzzle. The new funding will allow us to fully capitalize on these trends.
Our team has already grown to over 30 people, spread geographically between our offices and New York City and Tel Aviv and distributed around the US. Everyone on our team is a true Gem - we’ve hired only the very best people who are eager to change the game for security operations. Our next step is scaling up even further: continuing to invest in R&D to improve and expand our product offering, and growing our go-to-market team to deepen our market presence.
So thank you to all our investors, partners, customers, and our Gems. We’re looking forward to what’s next.
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[1] Gartner, Hype Cycle for Workload and Network Security, 2023, Charlie Winckless & Feng Gao, July 31, 2023
[2] Gartner, Cool Vendors for the Modern Security Operations Center, Angel Berrios, Jeremy D'Hoinne, Pete Shoard, Evgeny Mirolyubov, Carlos De Sola Caraballo, 30 August 2023.
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