SGNL.aiThe enterprise licensing software development company announced today that it has raised $12 million in seed funding led by Costanoa Ventures with participation from Fika Ventures, Moonshots Capital and Resolute Ventures. CEO Scott Crease said the proceeds will be used to develop the company’s core products and initial team recruitment, as well as work with design partners to improve the SGNL solution.
In an interview with TechCrunch, Kriz emphasized that delegation is increasingly becoming a concern for management at every level. He is not mistaken. as According to Gartner, organizations running cloud infrastructure services will suffer at least 2,300 violations of lower privilege policies—that is, when a user is given more privileges than they need to do their job—per account each year by 2024. Meanwhile, the average The global cost of a data breach reached a record $4.24 million in 2021, according to IBM recently. mentionedby 10% compared to 2019 as more people move to remote work.
Kreese and SGNL co-founder Eric Gustafson spent nearly a decade developing identity solutions at Bitium, which they launched together in 2011, prior to conceiving SGNL. After Google acquired Bitium in 2017, Gustavson joined the tech giant as an engineering director working on “next-generation” identity access management for G Suite (now Google Workspace). Chris also spent several years at Google on the Product, Identity and Delegation team.
“From our perspective working in multiple identity-focused areas at Google, Gustafson and I were clear that few companies were able to effectively resolve enterprise delegation at scale,” said Kreese. “With a critical need to help businesses maintain the security of user and customer data, we established SGNL in 2021 to meet the challenge. We quickly attracted a core team of identity industry experts eager to push the boundaries of what is possible in enterprise licensing.”
SGNL aims to provide “just in time” access to enterprise data for company employees based on business context, such as business needs or justifications. Rather than relying on relatively static roles or attributes, the startup platform only gives access to software and data resources when the user needs them.
Furthermore, SGNL attempts to standardize existing registry systems such as corporate directories, human resource directories, CRM platforms, and ticketing systems, building a workforce graph and customer data that can be used to determine dynamic access rights. Access can be audited in real time, ostensibly making it easier for managers to produce compliance reports and analyze historical authorizations.
“The pandemic and the broader shift in work patterns—hybrid, remote work, extended workforce, etc.—make the issue of licensing and access management all the more pressing for the organization. The modern workforce is no longer operating from within the company’s firewall using only in-company applications,” Creez added. This creates ideal conditions for malicious actors to exploit extremely broad perimeter access rights to attack the enterprise… The SGNL platform helps contain the blast radius by reducing perimeter access and limiting access to sensitive data in a timely manner.”
Kriz declined to reveal the size of SGNL’s customer base or the company’s current revenue. But he noted that identity management has attracted a lot of investment over the past few years as new hurdles have emerged across the enterprise security landscape. as To Crunchbase, US$3.2 billion went into the identity management space in 2021, about 2.5 times the investment volume from the $1.3 billion in 2020, which is already a record high.
The challenge for SGNL is to lure customers away from competing vendors like opalwhose software automatically detects internal databases, servers, tools and applications to authorize access requests to employees. one driver, another identity and access management automation platform, recently received a $15 million investment. Identity and Access Management Software Provider Forgrok It filed for an IPO last September after raising more than $700 million in VC cash.
Kreese says he is confident that the current slowdown in technology will be a tailwind for SGNL as companies face pressure to purchase solutions rather than build them in-house. As for his view, there is some evidence that IT teams are overwhelmed with tasks related to identity and access management. For example, in 2020 chicken Conducted by 1Password, responding IT staff said they burn an entire month of work — 21 days — to reset passwords and track app usage.
“The number and cost of data breaches is increasing…SGNL is well positioned with the transformation of most enterprise organizations to increase security, ensure compliance and reduce costs,” said Kreese.
Palo Alto-based SGNL, which currently has 28 employees, expects to hire seven more people by the end of the year.