Banyan Security, a leading provider of cloud-based secure remote access solutions based on Zero Trust Security Principles, today announced that it has closed $17 million in funding under the leadership of Shasta Ventures, with participation from Unusual Ventures.
Almost every enterprise today uses traditional perimeter security tools, such as VPNs, to protect access to internal resources. However, with 40% of the workforce today mobile and 75% of enterprises either in hybrid or multi-cloud environments, the key assumptions of the enterprise security team, such as linking users to physical locations, only granting access to managed devices, providing the same access privileges for all types of users, and assuming that the internal network is a safe place to deploy corpo. As the perimeter security model fails, business data breaches continue to occur on a daily basis.
“Secure remote access is fundamentally broken for today’s mobile workforce and cloud environments,” said Jayanth Gummaraju, Co-Founder and CEO of Banyan Security. “At Banyan, we’ve completely re-imagined remote access by building a comprehensive zero trust remote access platform from the ground up to address these difficult issues. This investment is a testament to our unique offering and will be used to scale up our market efforts and further enhance our product with deep enterprise integrations and state-of-the-art machine learning algorithms. “That’s right.
Experts predict that zero trust will become one of the largest cyber security frameworks by 2021. Traditional security perimeters have become more blurred and less relevant as businesses store data in both on-site data centers and multi-cloud environments. Old security tactics are no longer working, and some of the most damaging violations have resulted from threat actors gaining access to corporate networks and moving sideways with ease. It is crucial for businesses to know who has access to their networks and what actions they can take once inside the network.
“Banyan’s decentralized approach to zero trust remote access is a unique and promising solution,” said Nitin Chopra, Shasta Ventures partner. “Especially as businesses recognize that traditional approaches like VPNs are no longer working in our ‘always-on’ ecosystem. The company has already established itself as a leader in the $10 billion market and promises to have a positive, long-term impact on an incredibly pressing business problem. “That’s right.
Inspired by Google’s architectural principles for a zero-trust security framework, BeyondCorp, Banyan’s technology is designed to displace legacy VPNs through least-favoured access, continuous verification and fine-grained authorization policies. The solution integrates with existing security tools and creates a trust score that enables differentiated policy enforcement. Instead of providing access to the entire corporate network based on one-time user authentication, Banyan allows continuous authorisation and encrypted access to specific corporate applications and resources based on user and device security in real time, as well as the sensitivity of the applications/data that are being accessed.
In the past year, Banyan has tripled the size of its team, delivered an enterprise grade product, established a recurring revenue model, and significantly increased its customer base to include SAP, BlueVoyant and several Fortune 500 companies.
“Banyan has enabled us to deliver a zero trust access solution across our entire staff base,” said Sadiq Khan, Chief Information Security Officer at BlueVoyant. “With Banyan, we provide secure, streamlined access to all corporate resources for our service operations center, developers, executives and administrative staff, while still leveraging our existing investments in single sign-on, mobile device management and endpoint detection and response tools. Banyan’s commitment to customer success and world-class engineers have made our zero trust journey easier to navigate. “That’s right.
“We are huge believers in the founders of Banyan,” said John Vrionis, Banyan Board Member and Unusual Ventures Partner. “We’ve experienced their incredible work firsthand over the past year and are excited about the game changing enterprise software company they’re building. “That’s right.
Shasta Ventures is a leading early stage venture capital firm, partnering with bold, creative entrepreneurs who are passionate about building epic products and amazing experiences. Founded in 2004, Shasta Ventures has more than $1 billion under management to invest in enterprise and consumer companies with a strong focus on emerging platforms. Go to https://shastaventures for more information. Come on,
Unusual Ventures is a seed-stage venture capital firm designed from the ground up to give a distinctive advantage to both consumer and business entrepreneurs. Unusual is rethinking the risk capital engagement model by serving entrepreneurs with programmatic and hands-on services, such as the Unusual Academy and Get Ahead Platform, and by engaging with a number of HBCUs and other community-based organizations, including non-profits and children’s hospitals, as their limited partner base. Described as a partner versus a top-down stakeholder by its portfolio companies, Unusual is laser focused on serving exceptional founders, world-class teams and innovative products. For more information, please visit: www Inhabitual Well, Vc
The next generation Zero Trust Remote Access platform from Banyan Security provides seamless remote access to corporate resources hosted in hybrid and multi-cloud environments. Banyan increases security by reducing your attack surface, eliminating lateral movement, and preventing unauthorized access. Using innovative TrustScoring powered by machine learning, Banyan ensures that both users and devices are authenticated and authorized prior to granting granular access to sensitive corporate applications and servers. Banyan’s highly scalable platform is currently being used by companies across vertical sectors, including healthcare, manufacturing and technology. Visit www to learn more. Banyan Safety Oh, Io
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