Canonic Security

Company Overview

Snapshot

Founded in October 2020 by Boris Gorin and Niv Steingarten, Canonic Security operated with 1–10 employees. The company raised $6 million across one funding round from 5 investors, with First Round Capital as a lead investor. Canonic Security was acquired by Zscaler in February 2023.

Business overview

Canonic Security developed a SaaS application security platform designed to continuously profile applications and user accounts. Its core technology identifies suspicious or out-of-policy behavior and automatically reduces the SaaS attack surface. The company's patent-pending App Sandbox captured add-on and integration behavior, providing access intelligence, threat insights, and vulnerability assessments by dynamically evaluating network, data, and platform API activities. Canonic Security operated within the Cyber Security sector, focusing on application and website security for enterprise customers.

Strategic signal

In February 2023, Canonic Security was acquired by Zscaler. This acquisition signals a strategic move by Zscaler to enhance its cloud security offerings by integrating Canonic's SaaS application security capabilities, which continuously profile apps and user accounts to identify and mitigate risks. For investors, this demonstrates the strategic value of specialized SaaS security platforms in a rapidly evolving threat landscape and highlights Zscaler's commitment to expanding its security portfolio through M&A.

Company Intelligence Q&A

What was the most significant corporate event for Canonic Security?

Canonic Security was acquired by Zscaler in February 2023. This acquisition led to the company ceasing operations.

When did Canonic Security exit stealth mode and announce its seed funding?

In February 2022, Canonic Security exited stealth mode and announced $6 million in seed funding. This round included investments from First Round Capital and SV Angel.

What product did Canonic Security launch to assist security teams?

In August 2022, Canonic Security launched the AppTotal API. This API was designed to streamline the app-vetting process for security teams by providing comprehensive insights into application behavior and risks.

Who were the founders of Canonic Security?

Canonic Security was co-founded by Boris Gorin, who served as CEO, and Niv Steingarten, who served as CTO.

What was Canonic Security's primary focus in the cybersecurity market?

Canonic Security focused on SaaS application security, providing a platform that continuously profiled applications and user accounts to identify suspicious behavior and reduce the SaaS attack surface for enterprises.