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 a total of $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 to automatically reduce the SaaS attack surface. The company's patent-pending App Sandbox captures add-on and integration behavior, providing access intelligence, threat, and vulnerability insights by dynamically assessing network, data, and platform API activities. Canonic Security operated within the Cyber Security sector, serving enterprise customers with its B2B business model.

Strategic signal

Canonic Security's acquisition by Zscaler in February 2023 indicates a strategic move by a major cybersecurity player to enhance its SaaS security capabilities. This acquisition signals the increasing importance of continuous application and user account profiling in mitigating SaaS attack surfaces, validating Canonic Security's technology and market approach. For investors, this highlights the strong M&A potential within the specialized SaaS security market.

Company Intelligence Q&A

When was Canonic Security acquired?

Canonic Security was acquired by Zscaler in February 2023.

What was the last funding round for Canonic Security?

In February 2022, Canonic Security exited stealth with $6 million in seed funding. First Round Capital was a lead investor in this round.

Who are the founders of Canonic Security?

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

What product did Canonic Security launch in August 2022?

In August 2022, Canonic Security launched AppTotal API to streamline app-vetting processes for security teams.

What is Canonic Security's primary focus?

Canonic Security focuses on SaaS application security, providing a platform that continuously profiles apps and user accounts to identify suspicious behavior and reduce the SaaS attack surface.