Authomize, a startup developing a cloud-based authorization solution, today emerged from stealth with $6 million in seed funding. CEO and cofounder Dotan Bar Noy says the proceeds will accelerate Authomize’s go-to-market plans as the company signs on new customers.
One study found that companies consider implementing adequate identity governance and administration (IGA) practices to be among the least urgent tasks when it comes to securing the cloud. That’s despite the fact that, according to LastPass, 82% of small and mid-sized business IT professionals say identity challenges and poor practices pose significant risks to their employers.
Authomize’s solution is to automate much of the work by delivering a view of apps across all environments and providing prescriptive, corrective suggestions. It aims to reduce the burden on IT teams while securing identities, revealing the right level of permissions and managing risk to ensure compliance.
Authomize’s secret sauce is a technology called Smart Groups that aggregates data from enterprise systems in real time and infers the right-sized permissions. Using this data in tandem with graph neural networks, unsupervised learning methods, evolutionary systems, and quantum-inspired algorithms, the platform offers action and process automation recommendations.
Of course, Authomize isn’t the only company in the market claiming to automate away IGA. ForgeRock, for instance, recently raised $93.5 million to further develop its products that tap AI and machine learning to streamline activities like approving access requests, performing certifications, and predicting what access should be provisioned to users.
But Authomize has the backing of notable investor M12 (Microsoft’s venture fund), Entrée Capital, and Blumberg Capital, along with acting and former CIOs, CISOs, and advisers from Okta, Splunk, ServiceNow, Fidelity, and Rubrik. Bar Noy says several undisclosed publicly traded partners are already using its product in production. This includes an organization with 5,000 employees that tapped Smart Groups to cut its roughly 50,000 Microsoft Office 365 entitlements by 95%.
“Today, organizations are dealing with a perimeter-less environment. And especially now, when employees are working from home more than ever, managing authorizations and access requests has become a monumental task for IT and security teams to tackle,” Bar Noy told VentureBeat via email. “We identified this growing problem and have developed a solution for IT and security teams to regain control over their employees’ permissions. Our unique AI-based prescriptive analytics engine seamlessly instructs, predicts, and automates the actions needed to achieve the most optimal authorization outcomes to reduce IT burden and enhance security posture. Companies understand that legacy tools can’t handle today’s complex environments and a better solution is needed; we’re excited to play an active role in helping them effectively manage and secure their environments.”
Tel Aviv-based Authomize has 15 full-time employees and expects to have 20 by the end of the year.