Britive, the cloud identity security platform, announced it received $20.5 Million in Series B funding to support surging customer growth and soaring interest in the company’s dynamic and intelligent privileged access management platform.
The Series B funding round was led by Pelion Venture Partners with participation from Liberty Global Ventures and insiders Crosslink Capital and One Way Ventures. The investment comes at a time of strong momentum marked by more than 300% year-over-year revenue growth fueled by major customer wins across financial, retail, high-tech and other industry verticals.
Britive Answers the Call for an Industry-Changing Cloud Privileged Identity Management Solution
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“Throughout our involvement in enterprise security, we’ve seen Just-in-time (JIT) privileged access management emerge as an industry need. However, few products are solving the pain points associated with eliminating privilege sprawl in multi-cloud. In search of an innovator in the category, we closely kept track of Britive’s growth and success over time. Britive’s cloud-native platform for automating privileged identity management is the type of industry-changing solution we are excited to back,” said Chris Cooper, General Partner at Pelion Venture Partners.
“We are thrilled about securing a Series B round of funding with our new investors Pelion and Liberty Global as well our insiders. This funding is a testament to our platform’s success in meeting the cloud security needs of Fortune 500 companies and medium to large enterprises alike,” said Art Poghosyan, CEO of Britive. “With this investment, Britive is well positioned to continuously evolve our technology and expand our go-to-market and customer success capabilities to support our growing portfolio of enterprise clients.”
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According to Verizon’s most recent Data Breach Investigations Report, 82% of data breaches involve a human element, including the use of stolen credentials to access enterprise IT networks, increasing the impetus for companies to build towards a zero-trust security posture. Cloud-forward organizations are searching for elegant JIT access solutions that allow them to build and scale their privilege access systems across all cloud platforms.
“Major cloud platform providers will continue to invest in the security of their platforms, but the need for a platform-agnostic privilege management solution like Britive will grow as more enterprises adopt multi-cloud strategies to diversify risk and fuel business growth,” said Christopher Key, Former Chief Product Officer, Mandiant (acquired by Google Cloud).
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