- Ermetic — a cloud access risk security company — announced that it has raised a $17.25 million Series A round of financing led by Accel
Ermetic — a cloud access risk security company — announced that it has raised a $17.25 million Series A round of financing led by Accel. Glilot Capital Partners, Norwest Venture Partners, and Target Global also joined the funding round.
And Ermetic will use the funding to scale research & development, go-to-market, sales, marketing and customer support initiatives for its Cloud Infrastructure Entitlements Management platform. And Ermetic also announced that Accel partner Andrei Brasoveanu has joined the company’s board of directors.
Ermetic is known for helping organizations enforce tighter, least privilege access policies across both user, and machine identities to help prevent data breaches in AWS, Microsoft Azure≤ , and Google Cloud Platform.
According to a recent survey by IDC, about 80% of companies said they had experienced at least one cloud data breach in the past 18 months. And nearly half (43%) reported 10 or more breaches. Of the 300 CISOs that participated in the study, security misconfiguration (67%), lack of adequate visibility into access settings and activities (64%), and identity and access management permission errors (61%) were the top cloud security concerns.
The Ermetic analytics-based solution prevents cloud data breaches by automating the detection and remediation of identity and access risks in Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) offerings from Amazon, Google and Microsoft.
And it automatically discovers all human and machine identities in the cloud, and analyzes their entitlements, roles, and policies using a continuous lifecycle approach. Plus by combining analytics with granular and full stack insight, Ermetic makes it possible to enforce least privilege access at scale even in the most complex cloud environments.
“Until now, customers have been using retrofitted tools to try to manage cloud infrastructure accounts and entitlements. Ermetic has developed a cloud native alternative that uses analytics to consistently manage permissions and enforce least-privilege access. We are pleased to welcome Accel as an investor and Andrei Brasoveanu to our Board. This capital infusion will help us capture a large share of the emerging market known as Cloud Infrastructure Entitlements Management.”
— Shai Morag, CEO of Ermetic
“With the wide scale adoption of cloud services by organizations, protecting these infrastructures is critical. But managing entitlements is too massive and complex a problem to address manually or without the right tools. Ermetic has developed a purpose-built solution that addresses this large market opportunity, and is led by a proven management team. I look forward to working with the team to quickly establish Ermetic as a leader in this space.”
— Andrei Brasoveanu, Partner at Accel