Britive, a cloud identity security platform, has raised $20.5 million in Series B funding to support the company’s growing customer base and soaring interest in its privileged access management platform. The funding round was led by Pelion Venture Partners, with participation from Liberty Global Ventures and insiders Crosslink Capital and One Way Ventures.
According to Britive, 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.
The Series B funding would be a testament to Britive’s success in meeting the cloud security needs of Fortune 500 companies and medium to large enterprises alike, according to the company itself. Britive’s cloud-native platform automates privileged identity management, helping organizations implement cloud security best practices like Just-In-Time (JIT) access and zero standing privileges (ZSP) to prevent security breaches and operational disruptions while increasing efficiency and user productivity.
Evolving The Technology
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 JIT access solutions that allow them to build and scale their privilege access systems across all cloud platforms.
Britive’s platform empowers teams across cloud infrastructure, DevOps, and security functions with dynamic and intelligent privileged access administration solutions for multi-cloud environments. Using deep API-based integrations, the company’s patent-pending technology orchestrates permissioning for the modern enterprise cloud infrastructure and applications.
The investment from Pelion Venture Partners will be used to help Britive continuously evolve its technology and expand its go-to-market and customer success capabilities to support its growing portfolio of enterprise clients. “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,” said Art Poghosyan, CEO of Britive.
According to Britive, major cloud platform providers would 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. “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.
Britive’s customers include medium to large businesses and Fortune 500 enterprises across healthcare, automotive, retail, media & entertainment, and other industries. The company was founded by security industry veterans with a track record as successful entrepreneurs and innovators.
