Cloud access risk security startup Ermetic has raised $17.25m in its Series A round to support its go-to-market efforts.
The equity injection was supported by Glilot Capital Partners, Norwest Venture Partners and Target Global.
With the funds, the RegTech platform hopes to increase its research and development, go-to-market, sales, marketing and customer support initiatives.
Research from Gartner claims that in 2023 around 99% of cloud security failures will be the customers fault, and increase from the 95% in 2017. Furthermore, by 2023, 75% of security failures will be a caused by inadequate identity management, access and privileges, it claims. In 2020, this is expected to by 50%.
Ermetic aims to help businesses get tighter security for user and machine identities to prevent data breaches in AWS, Microsoft Azure and Google Cloud Platform. The analytics-based solution stops breaches by automating the detection and remediation of identity and access risks in infrastructure as a service and platform as a service offerings.
In a survey from IDC, 80% of companies stated they have suffered at least one cloud data breach in the past 18 months. Nearly 43% of them reported 10 or more.
Ermetic can automatically discover human and machine identities, assessing their entitlements, roles and policies to ensure they do not access anything they shouldn’t.
Alongside the funding, the company has added Accel partner Andrei Brasoveanu to its board of directors.
Andrei Brasoveanu said, “With the wide scale adoption of cloud services by organizations, protecting these infrastructures is critical. But managing entitlements is too massive and complex a problem to address manually or without the right tools.
“Ermetic has developed a purpose-built solution that addresses this large market opportunity, and is led by a proven management team. I look forward to working with the team to quickly establish Ermetic as a leader in this space.”
Ermetic previously raised $10m in its seed round.
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