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
Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.
More from Ryan Naraine
- Backslash Snags $8M Seed Financing for AppSec Tech
- Oleria Scores $8M Seed Funding for ID Authentication Technology
- Aembit Scores $16.6M Seed Funding for Workload IAM Technology
- Project Zero: Samsung Mobile Chipsets Vulnerable to Baseband Code Execution Exploits
- Rapid7 Buys Anti-Ransomware Firm Minerva Labs for $38 Million
- Microsoft Pins Outlook Zero-Day Attacks on Russian Actor, Offers Detection Script
- Microsoft Warns of Outlook Zero-Day Exploitation, Patches 80 Security Vulns
- Adobe Warns of ‘Very Limited Attacks’ Exploiting ColdFusion Zero-Day
Latest News
- Backslash Snags $8M Seed Financing for AppSec Tech
- ‘Badsecrets’ Open Source Tool Detects Secrets in Many Web Frameworks
- High-Severity Vulnerabilities Found in WellinTech Industrial Data Historian
- Chrome 111 Update Patches High-Severity Vulnerabilities
- BreachForums Shut Down Over Law Enforcement Takeover Concerns
- CISA Expands Cybersecurity Committee, Updates Baseline Security Goals
- Malware Trends: What’s Old Is Still New
- Burnout in Cybersecurity – Can It Be Prevented?
