Israeli cloud access risk security company Ermetic announced on Wednesday it has closed a $17.25 million series A round of financing.
The round was led by Accel and supported by Glilot Capital Partners, Norwest Venture Partners and Target Global, the company’s $10M seed round investors. Ermetic also announced that Andrei Brasoveanu, Partner at Accel, has joined the company’s board of directors.
Ermetic enables enterprises to protect cloud infrastructures 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.
“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.”
According to a June 2020 report by 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.”
As such, the company 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.
"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."
The company said it will use the funds to scale research and development, go-to-market, sales, marketing and customer support initiatives for its Cloud Infrastructure Entitlements Management platform.