Investments will accelerate go-to-market execution and product innovation to meet enterprise demand for identity security
Palo Alto, CA – Aug 10, 2023 – Veza, the identity security company, today announced that Capital One Ventures and ServiceNow Ventures have made strategic investments in Veza, bringing the company’s total financing to $125 million. The capital will be used to accelerate Veza’s product development, develop integrations for enterprise systems, and increase go-to-market capacity as it continues to meet demand for its enterprise identity security platform.
Identity security plays a crucial role in cybersecurity risk management. Demand for modern identity security is on the rise as companies face rising threats, and many are bound by new disclosure requirements. Organizations are poised to increase spending on identity security solutions by 68% this year, according to Enterprise Strategy Group research. Additionally, 60% of decision-makers said their identity security posture is a key enabler for modernizing cybersecurity and governance.
“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.”
Veza platform gives security and identity professionals a complete understanding of who can do what with data, across all enterprise systems. As a result, Veza customers can find and fix permissions that are risky, dormant, or non-compliant. Because Veza’s architecture ingests permissions metadata from enterprise systems, Veza customers enjoy unprecedented speed in connecting Veza to a wide variety of systems, including SaaS apps, data systems, custom applications, and cloud infrastructure. This month, Veza surpassed 125 integrations, just two months after announcing a milestone of 100 integrations. Veza also released a new integration for Azure Open.AI Service.
“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.”
“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.”
“ServiceNow Ventures is hyper focused on partnering with companies that are market leaders in innovation,” said Philip Kirk, SVP of corporate business development at ServiceNow. “Veza’s technology is clearly resonating with the market, and we are excited to support them as they continue to redefine the enterprise identity stack and drive secure outcomes for customers.”
Unlike legacy identity solutions that use a relational architecture, Veza’s unique approach to identity security leverages a revolutionary graph-based architecture, the Veza Authorization Graph. By creating a normalized data model for identities to access permissions to any system, Veza provides a 360-degree view of access across an organization. This enables customers to address key business challenges such as identity governance (IGA), privilege access monitoring, cloud access management, data lake governance, and SaaS access security.
- Quintupled revenue and doubled headcount in the last fiscal year.
- Won the 2023 Cloud Security Award for Best IAM Solution.
- Announced new access governance and monitoring solutions for SnowFlake.
- Launched Open Authorization API, Veza’s SaaS Security Solution, and an integration with GitHub.
- Surpassed 100 integrations across SaaS apps, systems and cloud infrastructures.
- Received its ISO 27001 and SOC 2 Type 2 certifications.
- Appointed Phil Venables, a highly-respected cybersecurity and information security leader, to the Veza Board of Directors.
- Veza Identity Security Platform
- Veza Tours for SnowFlake, and Salesforce
- Veza Free Trial
- Veza Customers
Veza is the identity security company. Identity and security teams use Veza to secure identity access across SaaS apps, on-prem apps, data systems, and cloud infrastructure. Veza solves the blind spots of traditional identity tools with its unique ability to ingest and organize permissions metadata in the Veza Authorization Graph. Global enterprises like Blackstone, Wynn Resorts, and Expedia trust Veza to visualize access permissions, monitor permissions activity, automate access reviews, and remediate privilege violations. Founded in 2020, Veza is headquartered in Los Gatos, California, and is funded by Accel, Bain Capital, Ballistic Ventures, GV, Norwest Venture Partners, and True Ventures. Visit us at veza.com and follow us on LinkedIn, Twitter, and YouTube.