Data security platform startup Veza Inc. launched out of stealth mode today with the announcement that it has raised $110 million in new funding.
Investors in the Series C round include Accel, Bain Capital, Ballistic Ventures, GV, Norwest Venture Partners and True Ventures.
Founded in 2020, Veza pitches itself as the first and only data security platform that is built on the power of authorization. That includes managing human identities and service accounts across hundreds and even thousands of disparate data systems, apps and cloud services. The company’s platform supports both on-premises and cloud systems and allows data and security teams to understand the sensitive nature of data.
Veza argues that data is rapidly and irreversibly moving to the cloud, but organizations worldwide are still missing a critical piece of data security: authorization. Legacy and first-generation data security solutions don’t work in hybrid multicloud environments, presenting challenges to data and security leaders. Such challenges include ransomware, digital transformation, cloud adoption, loss of customer trust from data breaches and failed audits and compliance.
That’s where Veza steps in. The company’s core differentiation is its Authorization Metadata Graph. The service includes a high-performance streaming engine that integrates out-of-band and agentless security, with multiple cloud and on-premises identity, data, apps, compute and infrastructure systems.
A canonical object model organizes identities, relationships and granular data objects. A translation layer processes multiple system-specific permissions and converts them into a natural language for data and security professionals, delivered in a single control panel.
The Authorization Metadata Graph also covers data security applications. Support includes real-time search about who has access to what and authorization-rich workflows for access governance and privilege management. Pre-built least-privilege violation alerts and associated recipes are designed to fix issues and automated rules and queries offer remediation and recommendations.
“When we founded the company two years ago, we were driven to help advance the state of data security for decades to come,” Tarun Thakur, co-founder and chief executive of Veza, said in a statement. “Data and security teams have been inundated with tools, and yet have not been able to answer a fundamental question: Who can and should take what action on what data?”
Despite only launching out of stealth today, Veza already has a solid customer base across finance, health care, hospitality, media and technology and high-tech. Customers include ASAPP Inc., ATN International Inc., Barracuda Networks Inc., Choice Hotels International Inc., InComm Inc., Nozomi Networks Inc. and the Translational Genomics Research Institute.