Lumos, a software company that centralizes the management of apps and identities for IT and security teams, recently announced a $35 million Series B financing led by Scale Venture Partners and with participation from Andreessen Horowitz, Harpoon Ventures, Neo, and others.
Lumos’ revenue grew 9x since its last fundraise, and has won over top enterprise customers like Pinterest, MongoDB, and GitHub. This is done by enabling IT and Security teams to discover and manage an organization’s apps—all with the goal of automating IT tickets, protecting against identity-based breaches, and decreasing software spend.
Large enterprises that Lumos serves have an average of 650 applications. And IT and Security teams are responsible for managing these, but they often work in silos. CIOs purchase multiple solutions for managing software spending and make sure employees get app access quickly; CISOs have their own Identity Management tools to ensure compliant use of apps and prevent employees from having too much access.
Lumos brings IT and Security teams together and enables them to solve app and access-related problems by merging the SaaS Management and Identity Management industries into one platform. It also helps IT teams streamline onboarding and offboarding and lower software costs by eliminating unused licenses and duplicates. Lumos also enables employees to request software access through a self-service AppStore. Security teams use Lumos for quarterly access reviews to meet SOX and ISO27001 standards and manage privileged access by granting temporary admin rights.
This solution also meets complex enterprise requirements. It connects with on-premise and cloud systems down to a granular permission level, utilizing AI to reduce the time and money spent on implementation.
Lumos’s customers have been seeing results impacting governance, identity management, and cost savings, including:
1.) Roku—The IT and Security teams worked with Lumos to launch a self-service AppStore for employees in less than 90 days. Employees are now more productive, and the company is more protected from identity breaches.
2.) Chegg—This 2,500-person education company automated all access controls for 100+ apps to meet SOX compliance regulations and reduce access risk.
3.) Secure Code Warrior—The cybersecurity company utilized Lumos to remove unused licenses, uncover shadow IT, and streamline renewals, and it has decreased software spending by 15%.
KEY QUOTES:
“Building a unified platform that helps IT and Security teams manage both apps and identities in one place is long overdue. The need is evident in the recent growth of Lumos. We’re looking forward to partnering with the team as they continue to build. AI has the potential to enable the automated management of employee access, software spend and security needs, and the team at Lumos is well on its way to making that a reality.”
– Ariel Tseitlin, Partner at Scale Venture Partners
“We are enabling the trend towards centralizing CIO and CISO technology stack needs, and providing clear ROI cross-functionally for our customers. Organizations are spending more on maintaining systems than for software itself in many cases. We’re committed to bringing app and identity management into one platform and making that platform as efficient as possible. That includes connecting both on-prem and cloud systems, as well as using AI to reduce the total cost of ownership.”
– Andrej Safundzic, CEO of Lumos
“What I love about Lumos is that they helped us get visibility to all our software vendors, app access and user identities in one platform. It puts me in a much better position to manage our software spend and automate access requests. Our security team also loves the idea of how they can limit the access an employee gets with just-in-time access.”
– Tristian Cary, Sr. Enterprise Applications Manager at Roku
