Remediant, a San Francisco- and Fort Worth-based provider of privileged account management software, today announced that it has raised $15 million in a series A funding round led by Dell Technologies Capital and ForgePoint Capital. CEO Tim Keeler said the round, which comes after a period between 2017 and 2018 during which Remediant’s revenue roughly quintupled, will accelerate the expansion of ongoing marketing and field and product engineering operations.
“[Historical] solutions have let the industry down. As former practitioners and consumers of legacy … 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 Keeler, a Roche veteran who in 2015 cofounded Remediant with colleague Paul Lanzi. “We’re grateful to have the support of Dell Technologies Capital and ForgePoint Capital to help us execute on our mission to change the … landscape, as we offer a new way to protect organizations from data theft via stolen credentials.”
To this end, Remediant’s toolkit implements just-in-time administration and principle of least privilege approaches to limit access to only the data stakeholders need for just the time they need it. Admins get visibility into privileged access and changes in privileged access, and they’re able to continuously enforce access configurations across existing identity and access management, security information and event management, and behavioral analytics platforms.
That’s only the tip of the iceberg. Remediant’s flagship agentless and vaultless product — SecureOne — boasts assessment tools, real-time protection, and compliance auditing for over 150,000 endpoints accessible from a centralized dashboard. It also provides cyber incident response plans and nearly instant notifications of potential issues, along with audit trails for cyber incident reporting and digital forensics.
Remediant blocks unauthorized access even when admin usernames and passwords are compromised, and it fortifies security further with sophisticated breach detection and multi-factor authentication technologies. The company claims that these together mitigate the risk of account compromises by 99% across cloud, on-premises, and hybrid systems within an hour or two of deployment.
Market Research Future predicts the privileged identity management market will reach $6.2 billion by 2023, driven by an enormous uptick in costly data breaches. Unsurprisingly, there’s competition in spades — rivals include CyberArk and BeyondTrust, as well as Thycotic, ObserveIT, and SecureLink — but Remediant has early momentum on its side. In addition to notable customers like Lansing Trade Group and Lockheed Martin, the company claims it has attracted Fortune 1000 clients in sectors like media, biotech, personal finance, health care, and defense.
“We’ve invested in Remediant because we have a shared vision of evolving legacy … solutions that are difficult to deploy, use, and manage,” said Dell Technologies Capital managing director Deepak Jeevankumar in a statement. “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.”