Miggo Launches Application Detection and Response (ADR) Solution

PRESS RELEASE

TEL AVIV, Israel -- (BUSINESS WIRE)-- Miggo, a cybersecurity startup introducing the first Application Detection and Response (ADR) platform, announced today $7.5 million in seed funding led by global cybersecurity VC firm YL Ventures with the participation of CCL (Cyber Club London), cybersecurity leaders from Elastic and Everon and former CISOs of Google, Zscaler and Nike. Miggo's ADR platform addresses a critical gap in application security by enabling security teams to detect and respond to targeted application attacks in real-time.

2023 saw a rise in high-profile application attacks that went undetected by traditional tools. The MOVEit, Microsoft SharePoint, Ivanti Gateway and GoAnywhere breaches highlight critical AppSec blind spots of application behavior in runtime and how attackers are hedging their bets on this well-known, ongoing security gap. According to Justin Somaini, Partner at YL Ventures and former CISO of Unity, SAP and Yahoo!, “Applications in production constitute one of the few true blind spots of today’s security programs. Last year’s incidents alone underscore how critically we need to secure the application layer. This is a space that still needs a lot of innovation to address what traditional tools cannot.”

Today, applications are the primary target of nearly 80% of data attacks, according to Verizon’s 2023 Data Breach Investigations Report. More recent shifts to distributed application architecture, which requires multiple chains of trust between different services, have further broadened the domain’s threat landscape. Attackers can manipulate flows between services without detecting existing security sensors like EDR, WAF and CNAPP tools. The only way to identify such malicious activity is with direct views into applications while they're running.

Under the leadership of Daniel Shechter, CEO and co-founder, and Itai Goldman, CTO and co-founder, Miggo developed a platform that analyzes interactions and data flows within applications to detect and mitigate attacks before they can escalate into breaches. "We need to proactively tackle this massive and largely unseen attack surface. Not only do we need precise detection and response for unexpected behaviors directly in live application environments, but also insight and understanding into the inner workings of today’s distributed applications as they run," explained Shechter.

Miggo's technology precisely discovers and maps the architecture of distributed applications to establish behavioral baselines and monitor for deviations from intended design or code execution flows. Leveraging live in-application context, Miggo determines if a deviation indicates that the application is exploitable, under active exploitation or backdoored, and initiates targeted mitigations to contain breaches by pinpointing the offender and affected areas to recommend precise remediation strategies.

The combined ability to detect live threats to applications and respond within the applications themselves are key innovations, according to CISO Mike Melo. “Miggo is finally providing transparency for our most significant attack vector with the exact tools each stakeholder requires to protect and defend mission-critical assets. ADR is the unified solution we need to not only give us application-layer visibility and control but also dramatically lower our mean time to detect and respond to application attacks,” he said.

Discover how Miggo can safeguard your applications against the next generation of cyber threats. Visit miggo.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 understanding you need to prevent application breaches. Using in-application context to shed light on your biggest attack surface, Miggo’s ADR enables businesses to monitor how applications behave in runtime and stop attackers from manipulating chains of trust between distributed services. With Miggo, monitor application weak spots and identify and mitigate attacks in real-time. Visit miggo.io for more information.

About YL Ventures
YL Ventures funds and supports visionary cybersecurity entrepreneurs from seed to scale to help them evolve transformative ideas into market-leading companies. The firm accelerates company growth with tailored 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 $800M in total AUM. The firm has a track record of seeding 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 over 250 venture capital firms in PitchBook’s prestigious Global Manager Performance Score League Tables and was the only cybersecurity-focused VC to secure a top 10 spot.