PALO ALTO, Calif. & TEL AVIV, Israel–(BUSINESS WIRE)–Ermetic, the cloud access risk security company, today announced it has closed a $17.25M Series A round of financing led by Accel, and supported by Glilot Capital Partners, Norwest Venture Partners and Target Global, the company’s $10M seed round investors.
Ermetic will use the funds to scale research & development, go-to-market, sales, marketing and customer support initiatives for its Cloud Infrastructure Entitlements Management platform. Ermetic also announced that Andrei Brasoveanu, Partner at Accel, has joined the company’s board of directors.
According to the world’s leading research and advisory company Gartner, “through 2023, at least 99% of cloud security failures will be the customer’s fault, up from 95% in 2017.” Further, “by 2023, 75% of security failures will result from inadequate management of identities, access, and privileges, up from 50% in 20201.”
Ermetic helps organizations enforce tighter, least privilege access policies across both user and machine identities to help prevent data breaches in AWS, Microsoft Azure and Google Cloud Platform.
“Until now, customers have been using retrofitted tools to try to manage cloud infrastructure accounts and entitlements. Ermetic has developed a cloud native alternative that uses analytics to consistently manage permissions and enforce least-privilege access,” said Shai Morag, CEO of Ermetic. “We are pleased to welcome Accel as an investor and Andrei Brasoveanu to our Board. This capital infusion will help us capture a large share of the emerging market known as Cloud Infrastructure Entitlements Management.”
In a recent survey conducted by global intelligence firm IDC, nearly 80% of companies said they had experienced at least one cloud data breach in the past 18 months, and nearly half (43%) reported 10 or more breaches. According to the 300 CISOs that participated in the study, security misconfiguration (67%), lack of adequate visibility into access settings and activities (64%) and identity and access management permission errors (61%) were their top cloud security concerns.
“With the wide scale adoption of cloud services by organizations, protecting these infrastructures is critical. But managing entitlements is too massive and complex a problem to address manually or without the right tools,” said Andrei Brasoveanu, Partner at Accel. “Ermetic has developed a purpose-built solution that addresses this large market opportunity, and is led by a proven management team. I look forward to working with the team to quickly establish Ermetic as a leader in this space.”
The Ermetic analytics-based solution prevents cloud data breaches by automating the detection and remediation of identity and access risks in Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) offerings from Amazon, Google and Microsoft. It automatically discovers all human and machine identities in the cloud, and analyzes their entitlements, roles and policies using a continuous lifecycle approach. By combining analytics with granular, full stack insight, Ermetic makes it possible to enforce least privilege access at scale even in the most complex cloud environments.
1Gartner, “Managing Privileged Access in Cloud Infrastructure”, Paul Mezzera, 9 June 2020.
About Accel
Accel is a global venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Arista, Atlassian, Braintree, Celonis, CrowdStrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Kayak, Lynda.com, Qualtrics, Rovio, Slack, Snyk, Spotify, Supercell, Swiggy, Tenable, UiPath, and Venmo are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com or www.twitter.com/accel.
About Ermetic
Ermetic enables enterprises to protect cloud infrastructures (IaaS/PaaS) from access-related risks and misconfigurations by maintaining continuous visibility into identities, their entitlements and data usage. By combining analytics with granular, full stack insight, Ermetic makes it possible to enforce least privilege access at scale even in the most complex cloud environments. The company is led by proven technology entrepreneurs whose previous companies have been acquired by Microsoft, Palo Alto Networks and others. Ermetic has received funding from Accel, Glilot Capital Partners, Norwest Venture Partners and Target Global. Visit us at https://ermetic.com/ and follow us on LinkedIn, Twitter and Facebook.