TEL AVIV, Israel, May 13, 2021 /PRNewswire/ -- Authomize, the first Identity and Security Management Platform (IDSM), today announced the close of $16 million in Series A funding. Innovation Endeavors led the round with participation from return investors Blumberg Capital, Entree Capital and M12 - Microsoft's venture fund. Less than a year after officially coming out of stealth, the company has raised $22 million in total funding.
This latest injection of capital 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 plans 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. 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. Authomize delivers continuous protection and ensures adherence to security and compliance standards, instantly mitigating security risks, while reducing IT burden.
"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," said Dotan Bar Noy, CEO and co-founder at Authomize. "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."
Authomize's platform allows 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. 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 can continuously create the most secure and effective access models for all the entities in the organization. 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.
Following this Series A round, Harpinder Singh, partner at Innovation Endeavors, will be joining the Authomize board of directors. 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.
"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," said Harpinder "Harpi" Singh, partner at Innovation Endeavors. "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."
"Authomize is building the future of identity and security management, empowering organizations to grow safely and efficiently," said Yodfat Harel Buchris, managing director at Blumberg Capital. "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."
Want to learn more about Authomize's solution?
Join us for an online panel discussion on "the CISO's role in the upcoming decade"
with Authomize's co-founder and CTO, Gal Diskin Twitter's CISO, Rinki Sethi and Johnny Deutsch CISO at Rivian.
To register and learn more, click here.
About Innovation Endeavors
Innovation Endeavors is an early-stage venture capital firm that invests in visionary founders, transformational technologies and emergent ecosystems. The firm's central investment thesis, the Super Evolution, combines data, leading-edge computation, and advanced engineering to transform industries, from agriculture and logistics to life sciences, transportation and more. Its investments include: Eikon Therapeutics, Fabric, Freenome, Planet, Plenty, Replica, SoFi, Uber, Zymergen, and more. For more information, visit www.InnovationEndeavors.com.
Authomize is the first Identity and Security Management (IDSM) platform that automatically manages and secures identities, access, and privileges across multi-cloud and hybrid environments. Authomize was founded by CEO Dotan Bar-Noy, CTO Gal Diskin and VP R&D Ron Liberman and currently employs more than 22 employees in its Tel Aviv and Atlanta offices. Authomize is backed by Innovation Endeavors, Blumberg Capital, Entree Capital and M12 (Microsoft's venture fund). For more information, visit www.authomize.com or follow us on Twitter and LinkedIn for news and updates.