Veza, the identity security company, is announcing a major financial milestone with strategic investments from Capital One Ventures and ServiceNow Ventures, bringing Veza’s total financing to $125 million. This injection of funds will serve Veza’s enterprise identity security platform, fueling product development, integrations with enterprise systems, and go-to-market capacity.
Identity security is becoming a more critical player in the grand scheme of modern cybersecurity. According to Enterprise Strategy Group research, enterprises are expecting to increase their spending budgets for identity security solutions by 68%; additionally, 60% of decision-makers foresee that identity security posture will be increasingly crucial in the effort to modernize cybersecurity and governance.
With the ramping demand for identity security solutions, Veza has strategically innovated a platform that provides security and identity teams with a robust understanding of their access environments. The platform includes capabilities such as:
- Identifying and remediating permissions that are risky, dormant, or non-compliant
- Ingesting permissions metadata from enterprise systems for a 360-degree view of access
- Increased speed in connecting Veza to systems such as SaaS apps, data systems, custom apps, and cloud infrastructure
- Graph-based architecture
- Over 125 integrations, which continues to grow
“Veza is designed to give organizations insight into who has access to what and why,” said Jaidev Shergill, managing partner, Capital One Ventures. “Governance policies and right-sized authorizations are fundamental as enterprises shift to the cloud. Veza’s Authorization Graph pulls from a range of deep integrations for a more complete access picture and shows early evidence that it can scale.”
The uniqueness of Veza’s platform lies in its non-traditional approach to identity access solutions, manifested as a graph-based architecture. Legacy solutions employed relational architectures, which failed to be as comprehensive as identity security requires, according to the company.
“Identity is an increasingly mission-critical aspect of enterprise security and compliance posture,” said Lou Fiorello, VP and GM of security products at ServiceNow. “We are strong believers in Veza’s approach and ability to deliver visibility and context with their unique Authorization Graph technology so that teams can take clear, informed action and ultimately better protect their organizations.”
Veza’s platform invites a robust, comprehensive view of access throughout an organization, enabling users to address several key challenges, including:
- Identity governance (IGA)
- Privilege access monitoring
- Cloud access management
- Data lake governance
- SaaS access security
“We are thrilled to have Capital One Ventures and ServiceNow Ventures involved as strategic investors,” said Tarun Thakur, co-founder and CEO of Veza. “CIOs and CISOs are struggling with traditional and legacy tools like IAM, IGA, and PAM that have not kept pace with the modern era of multi-identity, multi-cloud, and hybrid cloud. This investment validates Veza’s approach of understanding system specific permissions across hundreds of systems and interconnecting with identities providing access visibility, access monitoring, access lifecycle management, and access request—all at scale. We look forward to working with them on our mission to reinvent the future of identity access.”
To learn more about Veza’s identity security platform, please visit https://www.veza.com/.