SecZetta, a provider of third-party identity risk solutions, today announced an oversubscribed USD20.5 million 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.
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, organisations 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,” says David Pignolet, CEO and founder, SecZetta. “This is SecZetta’s sweet spot, enabling organisations 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 organisations to better manage third-party identity lifecycle and risk management,” says 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 organisations 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 per cent year-over-year growth in FY2020.
The new funding will be used to further SecZetta’s mission to strengthen organisations’ 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,” says 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,” says Mark Goodman, Managing Director, MassMutual Ventures. “With more than 50 per cent of breaches being attributed to third parties, organisations 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.”
