Funds to scale product development, strengthen go-to-market strategies
India is not only a critical market for Stack Identity but a source of a vast talent pool that support its global customer base, said Ambrish Deshpande, Co-founder & COO of the Silicon Valley-based technology company.
Underlining Stack Identity’s commitment to India, he also noted Prime Minister Narendra Modi concern about cyber security how India has the opportunity to export Cyber Security Services and innovative solutions.
The company’s R&D centre in Pune is home to development and delivery of path-breaking solutions for Shadow Access for organizations globally, he highlighted on 27 Apr 2023.
The company has customers from industry-leading companies in North America and India, added Deshpande after closing of a US$4 million seed funding round Co-led by US-based WestWave Capital and Benhamou Global Ventures.
Stack Identity, a Silicon Valley startup automating identity and access management (IAM) governance to identify and eliminate cloud data threat vectors, is rapidly evolving realm of cloud-based identity.
“Businesses are unable to protect sensitive data if they don’t know who has access, why and for how long,” he highlighted.
Stack Identity was created to solve this problem, making it easier for customers to protect critical and sensitive data stored in the cloud by eliminating applications and services from rogue access, and preventing unauthorized data sharing and data exfiltration.
Protecting sensitive data in a complex data sharing environment is only possible by addressing the access layer and specifically what Stack Identity defines as ‘shadow access’.
“Stack Identity was created to address the problem of shadow access-unauthorized, unmonitored, and invisible cloud data access patterns created by the myriad of human and machine cloud identities accessing the cloud,” he elaborated.
“Businesses of all sizes can now benefit from Stack Identity’s automated breach detection leveraging advanced heuristics that continuously detects and removes bad actors from cloud environments.”
Stack Identity, he said, will use the funds to scale product development, strengthen go-to-market strategies and expand customer reach, including SMBs, mid-market and enterprises.
Additional investors in the round include Plug and Play and notable cybersecurity investors.
The investment capital will enable Stack Identity to further invest in solving the challenge of automating cloud security as enterprises accelerate the development of data-centric and AI powered applications.
“We are very proud to co-lead the investment in Stack Identity,” added Gaurav Manglik, General Partner at Westwave Capital. We believe in the team’s expertise in security, and Stack Identity’s deep technology to differentiate in a crowded IAM market.”
“Stack Identity represents the winning formula we look for in our deal evaluation frameworks, namely, the combination of technology and team,” said Yashwanth Hemaraj, Partner at Benhamou Global Ventures.
“As we accelerate into an Enterprise 4.0 world, Stack Identity is primed to emerge as a future market leader in the IAM space as enterprises accelerate digital transformation initiatives and the sanctity and security of data continue to increase in importance and value.”
“Our AWS cloud ecosystem is a mix of automated DevOps and manually managed infrastructure,” said Steve De Jong, distinguished engineer at Vercara. “Stack Identity gives continuous visibility into our data exposure risks with the ability to automate least privileged enforcement for both our security and engineering operations teams.”
Founded in the heart of Silicon Valley, Stack Identity transforms cloud IAM operations to continuously detect, eliminate and govern unauthorized, unmonitored and invisible shadow access. Through its patent-pending algorithm Breach Prediction Index (BPI), applied with deep data and application context, Stack Identity reveals the 2% of toxic access combinations that impacts 90% of data assets and enables cloud security teams to quickly prioritize and automate remediation. fiinews.com
