Remediant Scores $15M Series A
SAN FRANCISO, CA, Remediant, a leading provider of Privileged Access Management (PAM) software, 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 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. Remediant was recently named a 2019 Gartner Cool Vendor and has been named a Black Unicorn award winner by Cyber Defense Magazine.
"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," said Tim Keeler, CEO and co-founder of Remediant. "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."
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," commented 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," said Lockheed Martin Chief Information Security Officer Mike Gordon. "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."
"We've invested in Remediant because we have a shared vision of evolving legacy PAM solutions that are difficult to deploy, use and manage," said Deepak Jeevankumar, Managing Director with Dell Technologies Capital. "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."
"Remediant is one of those rare companies that started at the right time in the right space with excellent execution," said William Lin, Co-Founder & Partner with ForgePoint Capital. "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." Hear the co-founders discuss the importance of the funding and how it will be leveraged to grow Remediant: https://www.remediant.com/video/blackhat2019-video/
With only 11% of information security jobs presently filled by women, Remediant actively supports growing the community of women information security practitioners. As a multi-year sponsor of The Diana Initiative, Women in Security and Privacy (WISP), PyLadies and Women's Society of Cyberjutsu, Remediant continues to invest in the success of women in this field. "From the very beginning, Remediant has been a top sponsor of The Diana Initiative. Their kind support has helped The Diana Initiative grow to the level it is today, delivering a successful women-focused security conference and providing many women tremendous new opportunities in the cybersecurity field", added Virginia Robbins, President and Co- founder, The Diana Initiative.
Founded in the heart of San Francisco, Remediant leads with innovation, delivering enterprise-class cybersecurity solutions that enable real-time monitoring, Zero Trust protection of privileged accounts and Just-In-Time Administration (JITA) across IT/Security/Cloud ecosystems. We protect organizations from stolen credentials being used against them, which is the #1 attack vector across all breaches. To learn more, please visit: www.remediant.com
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.
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