Stack Identity, a startup automating identity and access management governance, has come out of stealth mode and raised $4m.
The seed financing raise was co-headed by investors WestWave Capital and Benhamou Global Ventures.
Additional investors in the round include Plug and Play and a range of other notable cybersecurity investors.
In the evolving area of cloud-based identity and access management (IAM), businesses are unable to protect sensitive data if they don’t know who has access, why, and for how long.
Stack Identity claims it was created to solve this problem, making it easier for customers to protect critical and sensitive data stored in the cloud by eliminating applications and services from rogue access, and preventing unauthorized data sharing and data exfiltration.
Businesses of all sizes can now benefit from Stack Identity’s automated breach detection leveraging advanced heuristics that continuously detects and removes bad actors from cloud environments.
Through its patent-pending Breach Prediction Index (BPI) algorithm, the firm reduces the risk of cloud vulnerabilities and improves IAM audits, compliance and governance.
The BPI enables Stack Identity customers to prioritize both risk and impact. Using its BPI, Stack Identity customers are empowered to detect the 2% of toxic combinations that impact 90% of data assets.
The newly raised capital will allow the company to further invest in solving the challenge of automating cloud security as enterprises accelerate the development of data-centric and AI-powered applications.
It will use the funds to scale product development, strengthen go-to-market strategies and expand customer reach, including SMBs, mid-market and enterprises.
Stack Identity CEO and founder Venkat Raghavan said, “The security landscape has profoundly changed—and the market demand for identity and access management to evolve was an inspiration for creating something unique and different from status quo IAM solutions.
“It’s our vision and conviction that the future of cloud security must be identity-first, access-centric and with a deep context of data, applications and software. The support of our investors brings this vision to reality.”
Shield, a security company focused on protecting users from online scams, recently landed $2.1m in a pre-seed investment raise.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global