Banyan Security, a cloud-centric remote access solution, has scored $17m in a funding round led by Shasta Ventures.
Unusual Ventures, an early-stage investment firm, also participated in the round.
The company’s platform was inspired by Google’s architectural principles for a zero-trust security framework, BeyondCorp. Banyan’s technology displaces legacy virtual private networks (VPNs) through least-privileged access, continuous verification and fine-tuned authorization policies.
Its solution integrates with existing tools and provides users access to a corporate network via a one-time user authentication – the user does not get access to the entire network.
The cybersecurity company believes traditional security systems have become outdated due to businesses storing data both on-premise and on the cloud.
Banyan Security co-founder and CEO Jayanth Gummaraju said, “Secure remote access is fundamentally broken for today’s mobile workforce and cloud environments.
“At Banyan, we’ve completely reimagined remote access by building a comprehensive zero trust remote access platform from the ground up to address these hard problems. This investment is a testament to our unique offering and will be used to scale our go-to-market efforts and further enhance our product with deep enterprise integrations and state-of-the-art machine learning algorithms.”
Last year, Shasta supplied $10m to quantum-safe online security platform ISARA. The company designs and builds security systems for quantum computers and is using the capital for its international growth.
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