Security Experts:

BalkanID Adds $2.3M to Seed Funding Round

BalkanID, a Texas startup building technology in the Identity Governance and Administration (IGA) space, has added $2.3 million to its seed financing round, bringing the total raised to $8.1 million.

The additional financing provides a longer runway for BalkanID to work on its cloud access governance product that promises to help businesses find and remediate risky privileges across SaaS and public cloud infrastructure.

The brainchild of former Bitfusion engineers Subbu Rama and Jeremy Patton (Bitfusion was acquired by VMWare) and former Whole Foods CISO Sameer Sait, BalkanID markets a subscription-based product that gives defenders visibility into risky entitlements and a simplified way to manage access review and certification processes.

The company said the add-on seed financing included several new investors, including K2G Tech Fund, GIT1K Club, Firsthand Ventures, MGV and NKM Capita.

BalkanID emerged from stealth earlier this year with ambitious plans to target the mid-market with a tool that uses machine learning and workflow automation to provide visibility into risky entitlements and simplify the access review and certification process. 

The company's technology has been fitted with a risk engine that automatically identifies risky users and those with excessive permissions or toxic combinations, risky apps, roles and privileges across the organization’s SaaS and public cloud estate.

Related: Authomize Lands $6 Million Funding Round

Related: 'Secrets Sprawl' Haunts Software Supply Chain Security

Related: Adaptive Shield Raises $30M for SaaS Security Posture Management

Related: BalkanID Raises $6M for Intelligent IGA Technology

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Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. Ryan is a veteran cybersecurity strategist who has built security engagement programs at major global brands, including Intel Corp., Bishop Fox and GReAT. He is a co-founder of Threatpost and the global SAS conference series. Ryan's past career as a security journalist included bylines at major technology publications including Ziff Davis eWEEK, CBS Interactive's ZDNet, PCMag and PC World. Ryan is a director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world. Follow Ryan on Twitter @ryanaraine.