Israel-based Apono, which helps enhance permission management, has reportedly raised $5m in its seed round.
The round was led by Meron Capital, with commitments also coming from Booster Ventures, YYM and 15 unnamed angel investors, according to a report from Calcalistech.
With the funds, the RegTech company is looking to hire more staff around the world.
Apono secures access to sensitive cloud assets and data repositories whilst not impacting work. Its technology can identify privileged identities and service accounts and their permissions across various locations.
Clients can then manage employee and application provisioning, gain full control of cloud data access, and monitor and audit access.
Apono CEO Rom Carmel told Calcalistech, “Everyday we hear about another company whose customer information has been leaked. The leading cause is inadequate privilege management.
“Companies are urged more than ever to deliver fast value to their customers. They cannot have permissions get in the way of employees’ ability to fix bugs, support customers or develop new features. Yet they need to be secure and compliant. We come with the message that business productivity should not come at the cost of security, nor should security come at the cost of productivity. Our clients come to us because they are tired of compromising.”
Earlier in the year, fellow Israel-based RegTech company anecdotes collected $25m in its Series A funding round. The investment was led by Red Dot Capital Partners, with commitments also coming from Vintage Investment Partners, Shasta Ventures, Glilot Capital Partners and Aleph.
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