Data Detection and Response Platform ARR grows 50% in just three months
PALO ALTO, CA / ACCESSWIRE / May 19, 2022 / Cyberhaven, the company behind the industry’s first Data Detection and Response (DDR) platform, today announced rapid expansion fueled by a 50 percent increase in annual recurring revenue (ARR) quarter over quarter. Seven new hires – including executives from Microsoft, Netskope, Confluent, Crowdstrike, Wiz, and Alation – will play key roles in driving the company’s continued growth. This announcement comes after Cyberhaven’s $33M oversubscribed Series B funding round at the end of last year, led by Redpoint Ventures with participation from Forgepoint Capital and Wing as well as existing investors Vertex Ventures US, Costanoa, and Crane.
“The era of data-centric security has begun,” said Howard Ting, CEO of Cyberhaven. “The risks to enterprise data have grown massively due to the megatrends of cloud adoption, hybrid work, and ransomware. As organizations re-architect their security stack to optimize for protecting their most valuable asset, it’s clear Data Detection and Response is a category ready to explode.”
Pioneering the Data Detection and Response (DDR) Category
Data breaches result in an estimated $600B annual cost to the US economy, not to mention the repercussions to an affected organization such as stolen IP, business interruptions, loss of customer trust, weakened competitiveness, and significant financial penalties. DDR is a new approach to data security that innovates upon capabilities traditionally found in Insider Risk Management, Cloud Access Security Broker (CASB), Secure Access Service Edge (SASE), and Data Loss Prevention (DLP) solutions into a powerful model of automated security that keeps track of data wherever it goes.
Cyberhaven built its DDR platform to solve the headaches of these old-fashioned approaches to data security, in much the same way that modern Endpoint Detection and Response (EDR) tools…