Oversubscribed round led by SYN Ventures, with participation from MassMutual Ventures and existing investors ClearSky and Rally Ventures
FALL RIVER, Mass.–(BUSINESS WIRE)–SecZetta, the leading provider of third-party identity risk solutions, today announced an oversubscribed $20.5 MM Series B fundraising round. The round was led by SYN Ventures, along with new investor MassMutual Ventures. The round also included participation from existing investors ClearSky and Rally Ventures, which strengthened their investments in SecZetta.
Today’s identity programs are often relics of a time when access was protected by strong perimeter defenses and almost exclusively granted to employees. However, these programs are not aligned with modern business practices which require organizations to provide system and data access to a growing and diverse number of onsite and remote third parties like supply chains, contractors, vendors, partners, affiliates, and even bots, RPA, and IoT devices.
Many organizations try to solve this challenge with time-consuming manual efforts; homegrown solutions; or expensive customizations to existing technologies. Unfortunately, these options fail to automate key identity processes or manage the complex relationships organizations have with third-party users. This results in operational inefficiencies, like costly and time-consuming onboarding processes, as well as increased third-party risk from an inability to apply Zero Trust principles, over-provisioning, and lack of timely terminations.
SecZetta offers security and assurance with its easy-to-use, purpose-built solutions that address third-party identity risk head-on and help better manage the identity risk and lifecycle management needs of growing third-party populations. “To be successful, organizations need to automate best practices for managing the dynamic relationships required by their third-party resources and redefine the lines between identity and risk management,” said David Pignolet, CEO and founder, SecZetta. “This is SecZetta’s sweet spot, enabling organizations to manage the identity lifecycle and risk of third-party workers with the same or greater diligence as their employees. The success of the Series B round is further confirmation that SecZetta is solving a critical gap in IAM.”
“The growing volume of third-party breaches perpetrated by ‘insiders’ has provided a wake-up call for organizations to better manage third-party identity lifecycle and risk management,” said Art Coviello, partner, Rally Ventures and former CEO & Executive Chairman, RSA Security. “SecZetta is first to the market with a purpose-built solution to help organizations execute risk-based identity access and lifecycle strategies for third-party populations and continues to demonstrate its innovative technology leadership.”
Over the last twelve months, SecZetta continued to bolster its customer roster and to build out its partner roster to better support new and existing customers. The company enjoyed 300% year-over-year growth in FY2020.
The new funding will be used to further SecZetta’s mission to strengthen organizations’ third-party identity risk initiatives, broadly expanding the platform’s capabilities and supporting the company’s growth in new and existing markets.
“The SecZetta team brings a level of deep knowledge and experience to solving the complex challenges of third-party identity risk management,” said Jay Leek, Managing Partner and Co-founder, SYN Ventures. “The company has demonstrated consistency and strength in delivering a best-in-class solution that provides long-term value to organizations balancing pressing needs for speed and agility in an environment of ever-increasing cybercrime. We believe that the market need and SecZetta’s proven solutions and operational excellence will provide massive growth.”
“SecZetta shines a spotlight on critically important, yet frequently misaddressed areas of identity access management – third-party non-employee and non-human workers,” said Mark Goodman, Managing Director, MassMutual Ventures. “With more than 50% of breaches being attributed to third parties, organizations need to rethink their approach to providing third-party ‘outsiders’ with ‘insider’ access. We believe that SecZetta’s solution is purpose-built to help enterprises improve the efficiencies of managing the identity lifecycle of third parties, but more importantly to reduce the risk associated with providing this access.”
SecZetta is hiring aggressively across functions to support its global growth objectives. Please visit the Careers section of their website to learn more about available opportunities.
SecZetta is the leading provider of third-party identity management solutions. Our solutions enable organizations to execute risk-based identity access and lifecycle strategies for diverse workforce populations. Because the solution suite is purpose-built, it’s uniquely able to manage the complex relationships organizations have with non-employees in a single, easy-to-use application that simultaneously helps facilitate commercial initiatives, support regulatory compliance, and reduce third-party risk. For more information about SecZetta visit https://seczetta.com/.
Jordyn Comitor for SecZetta