Banyan Security, a zero-trust network access solution developer, has scored $30m in its Series B funding round.
The investment was led by Third Point Ventures, with commitments also coming from first-time Banyan backers SIG and Alter Venture Partners. Previous backers Shasta Ventures and Unusual Ventures also contributed to the Series B.
With the capital injection, the company plans to accelerate its trajectory, increase its investment into sales and marketing, and bolster the product innovation efforts. Funds will also help it expand internationally.
The CyberTech company offers least-privileged access to corporate applications and laaS resourced in real-time. Its technology deploys in hybrid and multi-cloud environments, continuously enforcing access policies based on a combination of user, device and application contexts.
Banyan claims it is the only architecture that leverages and integrates with existing IT and cloud investments while permitting incremental deployment that truly accelerates measurable progress on the zero trust journey.
Banyan Security CEO and co-founder Jayanth Gummaraju said, “With the rapid shift to remote and hybrid work, traditional network-centric solutions like legacy VPNs are no longer viable options for securing easy-to-use remote access to applications and IaaS resources.”
As part of the deal, Third Point Ventures partner Curtis McKee will join the Banyan board of directors.
McKee said, “A big part of Banyan’s appeal is the elegance of their incremental ‘deploy-as-you-go’ model which leverages and extends existing security tooling to meet today’s demanding security requirements, and ultimately provides end users with a great experience.”
With the round closed, the CyberTech company has raised a total of $47m in funding.
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