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.
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