Identity And Security Management Company Authomize Raises $16 Million

By Dan Anderson ● May 28, 2021
  • Authomize, the first Identity and Security Management Platform (IDSM), announced recently that it closed $16 million in Series A funding.

Authomize — the first Identity and Security Management Platform (IDSM) — announced recently that it closed $16 million in Series A funding. Innovation Endeavors led the funding round with participation from return investors Blumberg Capital, Entree Capital and M12 (Microsoft’s venture fund). And less than a year after officially coming out of stealth, the company has raised $22 million in total funding.

This latest funding round will accelerate Authomize’s delivery of the industry’s first Identity and Security Management platform (IDSM) and continued growth across product development and go-to-market, including the expansion of its partner network. Authomize is planning on doubling its headcount across research and development, marketing, and sales staff in both the US and Israel.

Authomize already secures millions of identities and tens of millions of assets across a range of organizations, industries, and regions worldwide. And Authomize is continuing to expand its global reach with this momentum to help customers manage and control security risk and operational burden in today’s virtualized and distributed environments. Plus Authomize delivers continuous protection and ensures adherence to security and compliance standards, instantly mitigating security risks while reducing IT burden.

Authomize’s platform enables teams to automatically detect and remediate Identity and Access Management (IAM) risks across any environment by enabling teams to define and enforce the right level of permissions. And the platform provides continuous risk analysis along with actionable insights to minimize security risks, reduce IT overload, and ensure continuous compliance.

By using Authomize’s SmartGroups technology, teams are able to continuously create the most secure and effective access models for all the entities in the organization. And the technology allows teams to automatically grant or revoke permissions following the Least Privilege Principle, analyzing all relationships between identities, assets, activities, and access policies to generate a unique risk score (Over-Privilege Index). This helps detect and mitigate risks based on severity and potential risk exposure.

In connection with the funding round, Harpinder Singh, partner at Innovation Endeavors, will be joining the Authomize board of directors. And additional board members include Yodfat Harel Buchris, managing director at Blumberg Capital; Eran Bielski, managing partner at Entree Capital; and Mony Hassid, general partner at M12, Microsoft’s venture fund.

KEY QUOTES:

“As the complexity and scale of managing and securing permissions in the cloud continue to grow, there is an obvious need for an AI-powered permission management solution. Authomize addresses the growing need for a unified solution that covers a wider range of identity and authorization use cases. Our platform offers a complete set of capabilities from the PAM, IGA, CIEM and CSPM segments, which helps teams mitigate a broader range of security risks from a single solution.”

— Dotan Bar Noy, CEO and co-founder at Authomize

“In today’s perimeter-less enterprise, where each worker accesses multiple clouds and applications in their day-to-day work, it’s especially difficult to ensure that the company’s information systems are secure. It’s clear to us that the Authomize team deeply understands the challenges and complexities of authorization management, and we are excited to partner with them.”

— Harpinder “Harpi” Singh, partner at Innovation Endeavors

“Authomize is building the future of identity and security management, empowering organizations to grow safely and efficiently. Especially in our new reality of employees working outside the perimeter, the adoption of new applications is resulting in more identities and even more complexities for IT and security teams. As one of Authomize’s first investors, we deeply believe in the team and the transformational impact of their technology.”

— Yodfat Harel Buchris, managing director at Blumberg Capital