Zenity Raises $38M Series B Funding Round to Secure Agentic AI

Latest investment will accelerate company's work to drive business productivity securely

TEL AVIV-YAFO, Israel, Oct. 30, 2024 /PRNewswire/ -- Zenity, the leader in securing agentic AI, today announced they have received $38 million in Series B funding co-led by Third Point Ventures and DTCP, pushing the total capital raised to over $55 million. It follows the recent strategic investment by Microsoft's venture arm, M12, with strong support from existing investors Intel Capital and Vertex Ventures. The funds will be used to grow the team across product, engineering, sales and marketing, as well as launching a partner program to expand the ecosystem of supporting enterprises globally as they adopt agentic workflows including agentic AI, enterprise copilots and applications built on low-code platforms.

With Forbes estimating that more than 51% of companies are actively adopting AI for process automation, and Microsoft stating the number of people who use Copilot daily at work has nearly doubled quarter-over-quarter, many enterprises have already taken a bold leap into the world of AI. However, per Salesforce, only 11% of CIOs say they've fully implemented AI, with the number one reason for holding full implementation back being security and data infrastructure concerns. This round of funding serves to further accelerate and expand Zenity's ability to enable the use of AI apps and agents among Fortune 500 enterprises, including current Zenity customers that exist across financial services, technology, manufacturing, energy and pharmaceutical industries.

Ben Kliger, Zenity's CEO and co-founder, said: "The future of work is now. For the first time, large enterprises are on the cutting edge by placing the power of AI and low-code at all users' fingertips, meaning anyone can now use and build AI agents and business applications to get more done. As such, security teams need robust and purpose-built solutions to properly manage the risks that come when utilizing the most powerful tools we have ever seen. We are proud to partner with Third Point Ventures and DTCP to continue our mission in supporting the world's largest and most consequential organizations to enable innovation securely."

Recently, Zenity researchers found that the average large enterprise has nearly 80,000 AI agents, apps, and automations that are built using low-code development platforms, with over 62% containing some type of security vulnerability. Additionally, Zenity CTO and co-founder Michael Bargury presented research at Black Hat 2024 revealing how easy it is for bad actors to take control over enterprise copilots, such as Microsoft 365 Copilot, all without requiring a compromised account. What these themes have in common is that business users of all technical backgrounds are at the forefront for business productivity. It also means that IT organizations are lacking visibility, as AI agents and applications are being built and used across the enterprise. These applications exist with an implicitly shared responsibility model, similar to the cloud, and security teams do not have visibility into what risks exist.

Zenity provides visibility, risk assessment and governance that security teams need in order to fully harness AI agents. Having gotten their start as the pioneers in the low-code/no-code application security space, Zenity is uniquely positioned with this latest round of funding to support enterprises as they continue placing more power at the hands of business users via Agentic AI workflows. As a community-oriented organization, having led and co-sponsored initiatives like the OWASP Top 10 for Low-Code/No-Code Security and the newly minted GenAI Attacks Matrix, Zenity is at the forefront of both security research and product development to be able to continue as a force enabler to the world's enterprises.

Sapir Harosh, Partner, Third Point Ventures, said: "In the rapidly evolving realms of AI and low-code development, Zenity stands out as a first mover dedicated to securing enterprises from emerging threats. We are proud to invest in Zenity and work closely with the team as they enable enterprises to harness powerful tools safely and drive transformative change. At Third Point Ventures, we are on the lookout for visionary companies like Zenity--those with deep connections to technology and a bold mission to serve large enterprises. We look forward to supporting their next wave of growth as they continue to innovate with advancements in AI and low-code technologies."

Dean Shahar, Head of Israel, DTCP, said: "We are incredibly impressed with Zenity's achievements and are thrilled to partner with them in their next phase of growth. It's no secret that the race to secure AI is on, but Zenity is way ahead of the competition, driven by a strong customer base and over 3x YoY growth. Their research-driven and community-focused approach, combined with their expertise in securing and understanding low-code environments, gives them a distinctive advantage in securing how business users operate today - one that's already delivering real value to their customers. We're excited about the opportunity to work with Ben, Michael and their incredible team and look forward to a fruitful collaboration that drives innovation and success."

About Zenity Zenity, the world's first agent-less application security platform for enterprise Copilots and Low-Code development, protects organizations from security threats, helps meet compliance, and enables business continuity. Established in 2021, many of the world's leading organizations trust Zenity to help configure security guardrails, generate prioritized lists of vulnerabilities, and accurately pinpoint and remediate vulnerabilities by continuously scanning business-led development platforms and providing centralized visibility, risk assessment, and governance. Visit us at https://www.zenity.io for more.

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CONTACT: Jessica Pasko, Force4 Technology Communications, jessica@force4.co