SECURITY
SECURITY
SECURITY
Zero-trust security platform provider Banyan Security raises $17M
So-called “zero-trust” security platform provider Banyan Security said today it has raised $17 million in new funding to allow it to accelerate product development.
The Series A round was led by Shasta Ventures and included Unusual Ventures. Nitin Chopra, a partner at Shasta Ventures, is joining Banyan’s board of directors.
Founded in 2015, Banyan, formally known as BanyanOps Inc., offers a secure remote access solution based on zero-trust principles for cloud and hybrid environments. Pitched as providing a secure and user-friendly service, the company’s least-privilege application and infrastructure platform facilitates access for multiple environments, negating the need to use older virtual private networks.
Zero trust is a security model based on the idea of maintaining strict access controls and not trusting any person trying to access a network by default, even when they are already in a given network. A rapidly growing segment of the broader cybersecurity market, the zero-trust security market is predicted to be worth $38.6 billion by 2024.
Traditional security perimeters don’t work anymore in a world that has both on-premises data centers and multicloud environments, the company said. Its platform integrates with existing tools, however, working with identity as a service, Enterprise Mobility Management, Unified Endpoint Management, public key infrastructure and other endpoint security products. The platform uses information from existing products to create trust for each user that is said to provide next-level security.
Banyan has tripled the size of its team in the last year and increased its customer base by double digits, it said. Notable customers include SAP SE, BlueVoyant Inc. and two unnamed Fortune 500 companies.
Banyan is not alone pushing zero trust. In an interview with SiliconANGLE’s theCUBE in August, Michael Conlin, the chief data officer at the U.S. Department of Defense, said that the department embraces zero-trust culture as a way to enable national defense strategy to succeed:
