Access management firm Lumos launches from stealth

Lumos is a new compliance and identity management solution that has launched from stealth along with a $30m funding round.

The company was backed by Andreesen Horowitz, Neo, Lachy Groom, Google Cloud CISO Phil Venables, OpenAI CTO Greg Brockman and more.

Lumos is on a mission to build the AppStore for companies, replacing an IT ticket with a self-service portal for employees to select the apps and permissions needed. Through its platform, a company can detect project, role and employee changes and initiate an access review process to remove licences where needed.

As more companies leverage SaaS apps for their jobs, there is a greater security risk. Lumos co-founder Andrej Safundzic explained the with every app used by employees, the company inches closer to a disaster dubbed the ‘APPocalypse’.

This APPocalypse comes with the risk of IT tickets, compliance breaches, high SaaS license costs, insider threats and risk of compromised employee accounts.

Lumos’ AppStore improves internal access management controls.

a16z – the investment division of Andreesen Horowitz – general partner Peter Levine said, “Lumos is changing the way that companies think about driving productivity while managing costs, compliance and security. We’ve seen a huge spike in the number of security breaches and ransomware attacks. And the first step in protecting your company data from attacks is by implementing good cyber hygiene and access control policies.

“Lumos is the only company we have seen to be able to create a consumer-grade user experience for employees, while enabling admins to reduce over-provisioning with automated access review and removal workflows.”

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.