Brazilian privileged access management (PAM) solutions provider Senhasegura today announced that it has raised $13 million in a Series A funding round led by Graphene Ventures.
Founded in 2010 and having a market presence in over 55 countries, the Sao Paulo-based PAM vendor officially launched its North American operations in August this year.
The company aims to address the entire privileged access management lifecycle with its 360º Privilege Platform, which can help organizations implement a zero-trust architecture, to prevent privilege abuse from both outside and inside.
Over the past year, Senhasegura, which translates to ‘secure passwords’ in Portuguese, landed a multi-million-dollar, multi-year PAM contract with Brazil’s largest national defense contractor, added over 150 channel partners, and increased its customer base by 89%.
The company plans to use the new investment to accelerate product innovation and increase its global footprint, prioritizing the North America and MENA (Middle East & North Africa) markets.
Senhasegura’s expansion plans include the launch of the MySafe personal password vault in October 2022, along with platform enhancements to cover cloud security and entitlements in early 2023.