UPDATED 09:00 EDT / JANUARY 18 2022

SECURITY

Zero-trust network access firm Banyan Security raises $30M

Zero-trust network access security firm Banyan Security Inc. secured $30 million in a new funding round today.

The Series B round was led by Third Point Ventures. New investors SIG and Alter Ventures, plus existing investors Shasta Ventures and Unusual Ventures, also joined the round, which brings Banyan’s total amount raised to $47 million.

Banyan is a provider of remote access tools for cloud and hybrid information technology environments that are based on the principle of “zero trust.” It says its user-friendly, least-privilege application and infrastructure platform facilitates simple yet secure access to multiple environments, eliminating the need to use traditional virtual private networks.

Zero trust refers to the idea of maintaining strict access controls by not trusting anyone trying to obtain access to a network by default, even if they’re already inside that network. It’s a rapidly growing market that’s expected to be worth $56.1 billion a year by 2026.

Banyan argues that traditional VPNs and firewalls don’t work so well in a world where people are increasingly working by remote and accessing data and applications hosted in a mix of on-premises and multicloud environments.

“With the rapid shift to remote and hybrid work, traditional network-centric solutions are no longer viable options for securing easy-to-use remote access to applications and infrastructure resources,” said Banyan co-founder and Chief Executive Jayanth Gummaraju.

Nonetheless, its platform does integrate with most traditional tools, including enterprise mobility management, unified endpoint management, identity-as-a-service and public key infrastructure. It can even use information from those existing products to create trust for each user within a network, providing what the company claims is “next-level security.”

Although it didn’t provide any numbers, Banyan said today’s funding round follows “rapid growth” in 2021.

“This latest funding reinforces the urgent need for advanced remote access solutions that make effective use of zero-trust technology, and our team is looking forward to expanding our market footprint to help meet that demand,” Gummaraju added.

Banyan said it’s expecting to benefit from the expertise of Third Point Ventures and its partner Curtis McKee, who will join its board of directors. It notes that Third Point has already enjoyed great success in the security industry with startups such as Sysdig Inc.

“Banyan understands that zero trust is a strategy first and functionality second that, when used properly, serves broader ‘work from anywhere’ business goals,” McKee said. “However, a big part of Banyan’s appeal is the elegance of their incremental ‘deploy-as-you-go’ model which leverages and extends existing security tooling to meet today’s demanding security requirements, and ultimately provides end users with a great experience.”

Banyan said it will use today’s funding to accelerate its growth by investing in its sales and marketing teams, exploring new markets and investing more money into product innovation.

Image: Banyan Security

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