Apono Raises $15.5M Series A Funding for AI-driven, Least Privilege Solution Set to Disrupt Traditional Access Security

New capital fuels growth and innovation for company's cloud access management solution

NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Apono, the leader in privileged access for the cloud, today announced the successful completion of its Series A funding round, raising $15.5 million. The funding round was led by New Era Capital Partners, with participation from Mindset Ventures, Redseed Ventures, Silvertech Ventures, initial seed investors, and more.

The newly secured funds will be used to advance Apono's mission of providing AI-driven, simple, innovative, and secure solutions that organizations need to manage access in complex, distributed cloud environments. Additionally, these newly secured funds will be used to accelerate product development and enable Apono to continue its growth, deliver unparalleled value to its customers, and solidify its position as a leader in the identity security space. This latest round brings the total investment from new and current investors to $20.5 million, underscoring strong investor confidence in Apono's vision and capabilities.

Apono is a next-gen solution for cloud access governance. The company is committed to delivering capabilities that meet the dynamic needs of modern enterprises and support the development, operations and security teams responsible for securing and maintaining cloud environments they depend on. Apono's innovative approach provides organizations with a deep understanding of privileged access within their cloud environments, enforces robust security guardrails, and leverages AI-driven least privilege and anomaly detection capabilities to enhance security measures while providing a frictionless experience for end-users.

"Today, more than ever, we are seeing a shift in the identity space," said Apono's Co-Founder and CEO Rom Carmel. "Privileged access management and identity governance are converging, driving the need for more holistic identity and access security solutions, particularly within today's dynamic cloud environments in which modern businesses operate. As we continue our rapid growth, this funding will enable us to maintain our momentum and continue delivering cutting-edge solutions to our clients. Our investors were drawn to Apono's unique AI-driven product offering, innovative approach, and its swift adoption by enterprises, recognizing the company's potential to lead the identity security market."

With this investment, Apono is set to significantly expand its US sales and marketing teams, while also expanding investments in research and development. After the company recorded a 300% increase in revenue the last 3 quarters, Apono has welcomed several key industry executives, further bolstering its market position and enhancing its ability to support a rapidly growing customer base. Customers can anticipate new AI-based access product offerings and improved support from Apono's sales engineering and customer success teams, which have tripled in size in the US. Additionally, to meet the needs of new enterprise customers, the company has added enterprise support teams who will deliver the scale of service today's enterprises require. These strategic developments will ensure seamless onboarding and continuous support for Apono's expanding clientele.

"We are thrilled to support Apono in their mission to revolutionize identity and access security," said Ziv Conen, Partner at New Era Capital Partners. "Apono's innovative solution addresses critical challenges in the cloud access management space, providing organizations with robust, scalable solutions. This investment reflects our confidence in Apono's vision and their ability to lead the market with cutting-edge technology and exceptional customer focus. We look forward to supporting Apono's continued growth and success as they redefine how businesses manage and secure access in today's dynamic environments."

"We were able to self-service Apono in minutes, which significantly enhanced customer trust in our global multi-cloud platform. This seamless integration allows our teams to work without friction, ensuring efficiency and productivity. Moreover, it helps us maintain a least-privilege cloud environment, which is crucial for our security and compliance standards," said Arthur Goren, Director of Cloud Engineering at Hewlett Packard Enterprise.

Apono is devoted to addressing the evolving needs of the identity and access security landscape, particularly as it has grown to play a more significant role in today's modern cloud environment. Apono's solution was built from the ground up to empower organizations to deliver just-in-time, just-enough access management at scale by bridging the security-operational gap in identity and access management. With a focus on innovation and customer success, Apono is poised to redefine how organizations manage and secure access, ensuring robust protection and seamless operations in an ever-changing digital world.

"In response to the growing complexity and security threats associated with cloud adoption, forward-thinking organizations are increasingly aligning the goals and workflows of their security and engineering teams," said Katie Norton, Research Manager, DevSecOps and Software Supply Chain Security at IDC. "Cloud identity and privilege management are central to these alignment efforts. Apono's approach to cloud privileged access management aligns with these goals and helps bridge the gap between security and engineering teams."

For more information visit the Apono website here: www.apono.io.

About Apono:

Founded in 2022 by Rom Carmel (CEO) and Ofir Stein (CTO), Apono leadership leverages over 20 years of combined expertise in Cybersecurity and DevOps Infrastructure. Apono's Cloud Privileged Access Platform offers companies Just-In-Time and Just-Enough privilege access, empowering organizations to seamlessly operate in the cloud by bridging the operational-security gap in access management. Today, Apono's platform serves dozens of customers across the US, including Fortune 500 companies, and has been recognized in Gartner's Magic Quadrant for Privileged Access Management.

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SOURCE Apono