Startup Stack Identity gets $4M to shine light on shadow access
A new identity and access management company reports that it has closed a $4 million seed round, an announcement notable if only because attractive corporate financing is not abundant.
The company is startup Stack Identity, and it is focused on the threat of shadow access to data in the cloud. Executives at the company say they have applied for a patent on their algorithm, Breach Prediction Index.
Benhamou Global Ventures and WestWave Capital led the round, which was announced along with the news that Stack was leaving stealth mode. Plug and Play and “notable cybersecurity investors” participated, according to the company.
Funds will be used to increase IAM product development and expand efforts to win small, mid-market and large corporate customers.
The company reportedly was founded by cybersecurity practitioners who have worked for IBM, McAfee, Symantec, Netskope and BlueCoat.
Stack executives say their algorithm detects “the 2 percent of toxic (intrusion) combinations that impact 90 percent of data assets.”
They see an opportunity in the number of identities for people and objects that are automatically created and then provisioned. Software on the market today, say the executives, is “blind to many cloud identities and access pathways.”