- SecZetta, — a leading provider of third-party identity risk solutions, announced an oversubscribed $20.5 million Series B fundraising round. These are the details.
SecZetta — a leading provider of third-party identity risk solutions — announced an oversubscribed $20.5 million Series B fundraising round. The funding round was led by SYN Ventures along with new investor MassMutual Ventures. And the round also included participation from existing investors ClearSky and Rally Ventures — which strengthened their investments in SecZetta.
Most identity programs are often relics of a time when access was protected by strong perimeter defenses and almost exclusively granted to employees. But these programs are not aligned with modern business practices which require organizations to provide system and data access to a growing and diverse number of onsite and remote third parties like supply chains, contractors, vendors, partners, affiliates, and even bots, RPA, and IoT devices.
Many organizations are trying to solve this challenge with time-consuming manual efforts, homegrown solutions, or expensive customizations to existing technologies. But these options fail to automate key identity processes or manage the complex relationships organizations have with third-party users. This results in operational inefficiencies such as costly and time-consuming onboarding processes as well as increased third-party risk from an inability to apply Zero Trust principles, over-provisioning, and lack of timely terminations.
SecZetta offers security and assurance with easy-to-use purpose-built solutions that address third-party identity risk head-on and help better manage the identified risk and lifecycle management needs of growing third-party populations. Over the last year, SecZetta continued to bolster its customer roster and to build out its partner roster to better support new and existing customers. And the company enjoyed 300% year-over-year growth in FY2020.
The new funding round will be used to further SecZetta’s mission to strengthen organizations’ third-party identity risk initiatives, broadly expanding the platform’s capabilities and supporting the company’s growth in new and existing markets.
KEY QUOTES:
“To be successful, organizations need to automate best practices for managing the dynamic relationships required by their third-party resources and redefine the lines between identity and risk management. This is SecZetta’s sweet spot, enabling organizations to manage the identity lifecycle and risk of third-party workers with the same or greater diligence as their employees. The success of the Series B round is further confirmation that SecZetta is solving a critical gap in IAM.”
— David Pignolet, CEO and founder, SecZetta
“The growing volume of third-party breaches perpetrated by ‘insiders’ has provided a wake-up call for organizations to better manage third-party identity lifecycle and risk management. SecZetta is first to the market with a purpose-built solution to help organizations execute risk-based identity access and lifecycle strategies for third-party populations and continues to demonstrate its innovative technology leadership.”
— Art Coviello, partner, Rally Ventures and former CEO & Executive Chairman, RSA Security
“The SecZetta team brings a level of deep knowledge and experience to solving the complex challenges of third-party identity risk management. The company has demonstrated consistency and strength in delivering a best-in-class solution that provides long-term value to organizations balancing pressing needs for speed and agility in an environment of ever-increasing cybercrime. We believe that the market need and SecZetta’s proven solutions and operational excellence will provide massive growth.”
— Jay Leek, Managing Partner and Co-founder, SYN Ventures
“SecZetta shines a spotlight on critically important, yet frequently misaddressed areas of identity access management – third-party non-employee and non-human workers. With more than 50% of breaches being attributed to third parties, organizations need to rethink their approach to providing third-party ‘outsiders’ with ‘insider’ access. We believe that SecZetta’s solution is purpose-built to help enterprises improve the efficiencies of managing the identity lifecycle of third parties, but more importantly to reduce the risk associated with providing this access.”
— Mark Goodman, Managing Director, MassMutual Ventures
