Backed exclusively by Elephant following 340% year-over-year revenue growth, Atlanta-based cybersecurity company has already acquired nearly 100 customers since its first adoption in mid 2019; Hiring blitz to fill over 125 jobs in Atlanta and worldwide over next 12-months
ATLANTA, July 15, 2021 /PRNewswire/ -- Atlanta-based SecurEnds, a cloud-native Identity Governance company, today announced that it has closed a $21 million Series A led exclusively by Elephant. The investment - one of the largest A-rounds in Atlanta's burgeoning cybersecurity and tech startup ecosystem to date - comes following an impressive 340% increase in year-over-year annual recurring revenue. Previously bootstrapped by its founders, SecurEnds now boasts nearly 100 customers and maintains prominent technology and reseller partnerships around the world.
SecurEnds enables the world's most forward-thinking companies to fully automate user access reviews, entitlement audits, access requests, and segregation of duty. The platform helps organizations save valuable time on implementation and upkeep while reducing audit costs by as much as 60%. To meet rapidly accelerating demand, the funding will be primarily used to scale operations and product development, and for geographic expansion into untapped markets across Europe and Asia.
"We've built the industry's first fully-cloud-native and configurable Identity Governance platform, empowering organizations to secure identities, protect against data breaches, and meet security and compliance needs," said Tippu Gagguturu, co-founder and CEO of SecurEnds. "The platform's ease-of-use allows organizations to rapidly build identity-driven cyber risk and compliance programs. We're thankful to Elephant for embracing our vision of democratizing Identity and Cloud Governance and look forward to working together as we continue to scale."
Over the next 12-months, SecurEnds intends to nearly triple its workforce, filling more than 125 sales, marketing, and product engineering roles both in the US and worldwide. As part of the transaction, Jeremiah Daly and Christopher De Souza, Partners at Elephant, will join the Board of Directors.
"SecurEnds' rapid growth over the past two years has been particularly impressive when considering the many challenges brought on by the COVID-19 pandemic and the highly competitive cybersecurity landscape," said Daly. "Both Chris and I believe Identity Governance is becoming more critical to businesses around the world and needs disruption. SecurEnds provides that disruption by delivering an innovative and elegant cloud-native solution that customers love. We are excited for a long and fruitful partnership that helps SecurEnds execute on their vision for the future of Identity Governance."
A New Approach to Governance for Identity, Data, and the Cloud
Organizations are accelerating their digital roadmap with their assets now spread between on-prem and cloud deployments. As part of their security and compliance needs, there is increasing demand for a SaaS-based product that can be easily stood up and allows them to achieve access certifications such as SOX, HIPAA, PCI-DSS, GDPR, and ISO 27001 even while undergoing a transformation.
Leveraging AI and ML-enabled predictive analytics, SecurEnds has built a versatile product without the constraints of incumbent legacy on-prem solutions, providing high ROI, strong time to value, and lower total cost of ownership than legacy solutions in the market. The cloud-native suite of products bolt-on directly to existing customer applications, such as Active Directory, ServiceNow, Ping, Workday and Okta, among others, empowering organizations to achieve their desired risk and compliance standards.
"Customers gravitate to SecurEnds because we have simplified Identity and Cloud Governance by creating a business user centered product," said Deven Reddy, co-founder and COO. "We've carefully constructed our platform to have intuitive workflows that allow end-users without IGA expertise to meet compliance and security goals."
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About SecurEnds
SecurEnds provides a cloud born Identity Governance platform with multiple modules. Organizations can effectively manage Credential Entitlement Management (CEM), Access Certifications, Cloud Infrastructure Entitlement Management (CIEM), Access Requests, Identity Risk & Analytics, and Segregation of Duty (SoD). The company is based in Atlanta and is backed by Elephant.
About Elephant
Elephant is a venture capital firm focused on the enterprise software, consumer internet, and mobile markets. To learn more about Elephant, please visit: https://elephantvc.com/.
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