Britive, a cloud identity security platform, has announced that it received $20.5 million in Series B funding led by Pelion Venture Partners, along with participation from Liberty Global Ventures and insiders Crosslink Capital and One Way Ventures. The company aims to use the funds to support its customer growth and further develop its privileged access management platform.
The funding round comes at a time when the company is experiencing strong momentum, with more than 300% year-over-year revenue growth, as well as major customer wins across several industry verticals, including financial, retail, and high-tech. The company’s cloud-native platform for automating privileged identity management has positioned it as an industry-changing solution in the category of Just-in-time (JIT) privileged access management.
Chris Cooper, General Partner at Pelion Venture Partners, said that the need for JIT privileged access management has emerged as an industry need, but few products are solving the pain points associated with eliminating privilege sprawl in multi-cloud. He added that Britive’s success in meeting cloud security needs for Fortune 500 companies and medium to large enterprises alike is the type of solution that they are excited to back.
Britive’s success in meeting enterprise security needs is particularly important given that 82% of data breaches involve a human element, according to Verizon’s most recent Data Breach Investigations Report. This underscores the impetus for companies to build towards a zero-trust security posture. Cloud-forward organizations are increasingly seeking JIT access solutions that allow them to build and scale their privilege access systems across all cloud platforms.
Art Poghosyan, CEO of Britive, said that securing a Series B round of funding with new investors Pelion and Liberty Global, as well as insiders, is a testament to the platform’s success. With this investment, Britive is well positioned to continuously evolve its technology and expand its go-to-market and customer success capabilities to support its growing portfolio of enterprise clients.
Christopher Key, Former Chief Product Officer at Mandiant (acquired by Google Cloud), said that while major cloud platform providers will continue to invest in the security of their platforms, the need for a platform-agnostic privilege management solution like Britive will grow as more enterprises adopt multi-cloud strategies to diversify risk and fuel business growth.
Britive’s Series B funding round is expected to help the company further establish itself as a leading provider of cloud identity security solutions, enabling it to develop its technology and expand its reach to support more enterprise clients in need of advanced privileged access management capabilities.
