Identity SecOps leader AuthMind lands $8.5m in seed round


AuthMind, described as a “leading innovator in Identity SecOps,” has successfully announced a seed investment round.

The company has garnered more than $8.5m in funding, with Ballistic Ventures taking the lead role in this investment and receiving strategic participation from IBM Ventures.

At its core, AuthMind focuses on empowering organisations. They provide tools to effectively tackle and shield against the three major enablers of modern identity-based cyberattacks. Firstly, they address Identity & Access Blind Spots, detecting and rectifying issues like shadow assets, unauthorised local accounts, the absence of multi-factor authentication, and the use of unapproved SaaS applications on any platform or cloud.

Secondly, AuthMind fills Identity Infrastructure Security Gaps. They provide advanced ITDR capabilities that pinpoint threats, exposures, and attacks as they happen, spanning various tools that form the identity infrastructure. Lastly, they correct Identity Systems Misconfigurations & Non-Compliance by identifying dangerous misconfigurations, policy deviations, and unsuitable implementations of identity tools.

With this new injection of capital, AuthMind plans to further its reach, uniquely protecting organisations against a rising number of identity-driven attacks. These attacks often target both managed and unmanaged identities in diverse environments, be it multi-cloud or on-premises.

Notably, in 2022, Gartner recognised AuthMind as a Cool Vendor in Identity-First Security. The AuthMind Identity SecOps Platform stands as a vital new security layer, letting organisations quickly detect and patch security gaps that often go unnoticed. This allows businesses to accelerate their operations, introduce new services, applications, and systems promptly and with confidence that AuthMind will offer the comprehensive visibility missing in other platforms.

AuthMind’s CEO and Co-Founder Shlomi Yanai said, “Hackers don’t hack in, they log in. The Identity infrastructure is a prime target for hackers despite continuous major investments in identity security. AuthMind solves this problem by detecting in real time the gaps and weaknesses that enable such attacks while empowering identity and security teams to remediate them quickly.”

Further, he added, “Based on a patented, AI-based access neural network, the AuthMind’s Identity SecOps Platform sees all identities and accesses, managed and unmanaged, and offers the ability to greatly strengthen the identity security posture. We’re excited to collaborate with Ballistic Ventures and IBM Ventures to extend AuthMind’s platform to any enterprise that needs to prevent identity-based attacks.”

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.