• April 20, 2024

Gutsy, a process mining technology provider in the cybersecurity space, has raised $51 million in seed funding. The Israeli company enables businesses to leverage process mining to map their security processes and understand how they actually run, preventing many avoidable security incidents. According to a survey it administered examining security governance, Gutsy said more than half of CISO’s polled said the root cause of 38 percent of security incidents was process failure.

“There is a misconception that the single answer to security is technology, so CISOs increase budgets in hopes that more tools will equal better defenses,” said Navin Chaddha, managing partner at Mayfield, which, along with YL Ventures, led the funding round. “Instead, they end up increasing complexity and spending more money on resources to track down what’s broken and why. As a People First investor, we look forward to the journey with the world class-founding team at Gutsy, as they solve this age-old problem with a data-driven approach to understanding security processes so that CISOs can maximize their technology investments, streamline auditing and improve outcomes.”

The startup was founded in 2022 by cybersecurity veterans and serial entrepreneurs Ben Bernstein (co-founder and CEO), Dima Stopel (co-founder and vice president of R&D), and John Morello (co-founder and CTO).