Scytale, a startup helping to automate the service authentication process, has netted $5m in funding.
Commitments to the round came from new backers Bain Capital Ventures, TechOperators, and Work-Bench. Bessemer Venture Partners, which previously led the company’s previous $3m round, also contributed to the latest equity injection.
Following the close of the round, Scytale is hoping to launch its commercial offering, which is based on popular open-source projects.
Founded in 2017, the company helps enterprise security engineering teams to standardise and accelerate service authentication. The company has built an integrated set of software components which let services to securely communicate with one another.
Alongside the investment, Scytale announced the launch of its identity management enterprise solution which enables frictionless service authentication across cloud, container and on-premise platforms.
Bain Capital Ventures partner Enrique Salem said, “In an increasingly complex and fragmented enterprise IT environment, Scytale has not only built SPIFFE’s amazing open-source community but has also delivered a commercial offering to address hybrid cloud authentication challenges faced by Fortune 500 identity and access management engineering teams.
“Scytale enables enterprises to more easily accelerate cloud adoption and reduce development efforts while also standardizing and automating service authentication. We are excited by Scytale’s growing traction and huge potential to unlock innovation and efficiency for large-scale distributed software systems at major companies.”
Earlier in the year, Bessemer led the $13m Series A round of cybersecurity startup for asset management Axonius. The Axonius Cybersecurity Asset Management platform provides companies with a singe location to view all of their assets, such as desktops, laptops, servers, cloud instances, mobile devices, and IoT on their network.
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