Remediant, Now Part of Netwrix, Secures $15 Million in Series A Funding Round
Remediant, now part of Netwrix, today announced it has received $15 million in a Series A investment round. Dell Technologies Capital (DTC) and ForgePoint Capital (FPC) co-led the round. The funding will be used to expand Remediant’s marketing and field operations, product engineering, channel and customer success programs — crucial steps as the company continues to push forward the state of the art in the PAM sector.
This investment round builds on Remediant’s rapid growth as a bootstrapped company, as the company quintupled revenue between 2017 and 2018. Its flagship SecureONE product (now - Netwrix Privilege Secure for Discovery) saw rapid adoption by Fortune 1000 enterprises in the media, biotech, personal finance, healthcare and defense sectors. This growth builds on an impressive track record of operating profitably starting with its first customer, Lockheed Martin.
Historically, PAM solutions have let the industry down. As former practitioners and consumers of legacy PAM approaches, we understand the crucial role privilege access plays in securing an organization - it’s not simply a matter of who should have a certain level of access, but at what point in time and for how long. We’re grateful to have the support of Dell Technologies Capital and ForgePoint Capital to help us execute on our mission to change the PAM landscape, as we offer a new way to protect organizations from data theft via stolen credentials.
Tim Keeler, CEO and co-founder of Remediant, now part of Netwrix
This investment round further validates the need for a new approach to PAM, as current PAM technologies fail to scale to meet the needs of enterprises in today’s information security environment. Remediant’s SecureONE PAM solution combats the pervasive threats of credential theft, lateral movement and admin over- provisioning with Just-in-Time Administration (JITA) — a new approach that dynamically allocates privileged access precisely when and where it’s needed.
This round of fundraising is a testament to the foresight of Remediant’s founders. The global cybercrime wave facing businesses can be mitigated by proactive privilege access management and Just-In-Time Administration.
Tom Kellermann, Remediant’s Advisory Board member and Chief Cybersecurity Officer at Carbon Black.
Remediant impressed us from day one with their ability to mobilize and quickly scale a PAM solution to secure more than 150,000 endpoints. In that sense, Remediant was the ideal partner for one of our highest priorities, that of ensuring a desktop administrator solution to further secure customer and company data. We're excited to see the company's recent momentum, as more enterprises benefit the way we have from the SecureONE platform's ability to improve compliance, operations and the overall security posture for an organization.
Mike Gordon, Chief Information Security Officer, Lockheed Martin
We’ve invested in Remediant because we have a shared vision of evolving legacy PAM solutions that are difficult to deploy, use and manage. Remediant is redefining the way organizations approach PAM with its unique Just-in-Time Administration platform that directly addresses credential theft — one of the biggest security challenges for IT and security teams, both on premise and in the cloud.
Deepak Jeevankumar, Managing Director, Dell Technologies Capital
Remediant is one of those rare companies that started at the right time in the right space with excellent execution,” “Armed with their practitioner experience, Remediant has re- imagined the PAM use case with a solution that has demonstrated scale, speedy time to value and comprehensive coverage across endpoints. We are excited to invest with this team focused on this important security category
William Lin, Co-Founder & Partner, ForgePoint Capital
About Dell Technologies Capital
Dell Technologies Capital is the investment arm for Dell Technologies. We back passionate founders who push the envelope on technology innovation for enterprises and consumers. We are early investors in over 100 companies including category leaders such as Arista Networks, Cylance, Docusign, Graphcore, JFrog, MongoDB, Redislabs, RedLock, Twistlock, Wavefront and Zscaler. Our portfolio companies also gain unique access to the go-to-market capabilities of Dell Technologies (Dell, Dell EMC, RSA, VMWare, Pivotal, Virtustream, Secureworks). Headquartered in Palo Alto, Calif., Dell Technologies Capital has offices in Boston, Austin, and Israel. For more information visit www.delltechcapital.com.
About ForgePoint Capital
ForgePoint Capital is a venture capital firm exclusively investing in cybersecurity companies. The firm brings deep industry expertise and a strong network of relationships. ForgePoint’s 52-person Cybersecurity Advisory Council includes industry CEOs, security entrepreneurs, senior information security executives, and former government security leaders. Portfolio companies include 4iQ, Anitian, Appthority (acq. by Symantec), Attivo, Bayshore Networks, BehavioSec, Bishop Fox, CyberCube, ID Experts, IronNet Cybersecurity, LoginRadius, NowSecure, Prevoty (acq. by Imperva), Remediant, ReversingLabs, Trusted Key (acq. by Workday), and Uptycs. ForgePoint’s principals have been investing in cybersecurity since 1998 and have made over 40 cybersecurity investments. For more information about ForgePoint Capital, visit www.forgepointcap.com.
Netwrix makes data security easy. Since 2006, Netwrix solutions have been simplifying the lives of security professionals by enabling them to identify and protect sensitive data to reduce the risk of a breach, and to detect, respond to and recover from attacks, limiting their impact. More than 13,000 organizations worldwide rely on Netwrix solutions to strengthen their security and compliance posture across all three primary attack vectors: data, identity and infrastructure.
For more information, visit www.netwrix.com.
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