Oligo Security, a Tel Aviv, Israel-based provider of an open source security solution, raised $28M in seed and Series A funding.
Backers included Lightspeed Venture Partners, Ballistic Ventures, TLV Partners, Shlomo Kramer, Eyal Waldman, Adi Sharabani, Eyal Manor, Zohar Alon, Guy Bejerano, Shai Morag, Ofer Ben-Noon, Ohad Bobrov, Yair Amit and syndicates Cyber Club London (CCL), Kmehin Ventures and OperAngels.
The company intends to use the funds to accelerate growth and expand operations.
Founded by CEO Nadav Czerninski, CTO Gal Elbaz (previously with Check Point) and CPO Avshalom Hilu, Oligo offers an open source security solution, leveraging runtime application context while maintaining performance and stability. Using it, customers are able to save time and focus on the relevant vulnerabilities that are being used in runtime, thus reducing the workload of responding to security alerts by about 85%. Its detection of malicious activity is based on open source libraries profiling, which alerts in cases of deviation from the library’s permissions.
Oligo’s dynamic library-level analysis and behavior monitoring technology instantly identifies vulnerabilities in running packages and prioritizes fixes based on application context, saving expensive development time by focusing on the actual attack surface. The solution also alerts only when there is a deviation from a library’s permission policy, indicating suspicious activity.
It has already been adopted by leading companies in computer technology, analytics software, global commercial real estate and investment services, as well as online financial services.