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In an era where data breaches are increasingly common, securing identity access across various platforms has become paramount. Veza, a leading platform in this domain, has recently secured significant funding, further solidifying its position in the market.
Veza’s Strategic Funding
Veza announced a whopping $15 million funding round led by renowned entities, Capital One Ventures and ServiceNow. This investment has elevated the company’s valuation to an impressive $415 million. With a total funding of $125 million to date, Veza’s future looks promising.
Why the Investment?
According to Tarun Thakur, Veza’s co-founder and CEO, the company wasn’t actively seeking capital. However, the unique security challenges Veza addresses, particularly in securing identity and authorization, attracted the new investors. The strategic insights and market presence of Capital One and ServiceNow were also pivotal in Veza’s decision to onboard them.
The Rising Concern of Data Breaches
Data breaches have become a costly affair for organizations, with an average cost of $4.45 million, as per IBM’s recent study. A staggering 95% of organizations reportedly face challenges with digital ID management. This alarming scenario has paved the way for cybersecurity startups like Veza to rise to prominence.
Veza’s Journey and Vision
Founded in 2020 by Tarun Thakur, Maohua Lu, and Rob Whitcher, Veza made its official debut in April 2022. The platform stands out by enabling companies to enforce policies, monitor real-time violations, and block unauthorized access. Veza’s “authorization graph” is a unique feature that deciphers authorization metadata within a company’s apps and databases.
Thakur emphasizes that traditional identity solutions, built on relational databases, often lack the visibility required for modern enterprises. Veza’s mission is to redefine access control, automate it, and make data security more accessible.
Veza’s Client Portfolio and Future Prospects
Based in Palo Alto, Veza boasts of a clientele that includes industry giants like Wynn Resorts, Blackstone, Expedia, SoFi, Warby Parker, Wayfair, Zoom, and Intuit. Despite fierce competition, Veza’s client base has tripled since its launch.
With the U.S. Securities and Exchange Commission’s new rules on cybersecurity disclosure, identity security has become a top priority for many organizations. Veza aims to be at the forefront of this movement, ensuring top-notch identity management solutions for its clients.
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