The funding round led by Lobby Capital fast-tracks the growth of the next generation PAM helping enterprises improve and streamline their Identity and Access Operations
Procyon, the industry’s first Privilege Access Management platform built for multi-cloud environments, today announced a $6.5 million equity financing to help organizations harness the growing identity and access management sprawl in cloud environments. The new investment was led by Lobby Capital with participation from GTM Capital and First Rays Venture Partners. This funding comes as Procyon, which already counts Fortune 100 companies among its early adopters, releases the industry’s first privilege access management solution built from the ground up for cloud native environments.
The adoption of cloud-based infrastructure has created a gold rush for cyber criminals to steal credentials, which has compounded in complexity with the use of modern cloud systems like AWS, Google Cloud Platform (GCP) and Azure. According to a recent study, there are 30,000 unique permissions across the three major public clouds, with 17 new permissions being added every day. With the increase of required credentials for developers, the attack surface in enterprises is rising exponentially.
To meet this challenge, Procyon is redefining the conventional approach to privilege access management for developers and DevOps teams with a new model that meets their need for quick access to systems and applications while working across distributed teams to manage thousands of cloud services.
The Procyon Multi-Cloud Privilege Access Management platform offers
- Self-Service Access – With a self-service portal that can be customized to incorporate enterprise security processes, the Procyon platform allows DevOps and Identity Access Management (IAM) Operations teams to request on-demand access to resources
- Zero Standing & Just in time Privileges (ZSP & JIT) – By enforcing zero standing privileges (ZSP) along with Just in time (JIT) access, the Procyon platform also eliminates security exposures from over privileged access to resources and personnel
- Strong Device Identity – Using a Trusted Platform Module (TPM) chip on the modern devices, Procyon enables passwordless sign-in to all resources
- Compliance & Governance – The Procyon architecture offers the highest standard of compliance with support for major standards like PCI/SOC2 and audit logging and analytics allowing enterprises with the necessary visibility into who has access to what and when.
“Conventional PAM solutions are currently caught between a proverbial rock and hard place,” said Sukhesh Halemane, CEO and Co-Founder, Procyon. “Cloud computing has exponentially increased the complexity of IT resources requiring privileged management. At the same time, escalating security concerns are forcing many modern enterprises to incorporate the best practices. Procyon’s frictionless experience allows DevOps teams to operate both efficiently and securely.”
Customers Underscore the Value of a Cloud-Based PAM Solution
“With the growth in public cloud computing-based systems like AWS, Google Cloud Platform and Azure, enterprises are looking for ways to keep their guard up against the constant, evolving threats that arise,” said Lucas Moody, former Vice President and Chief Information Security Officer, Palo Alto Networks. “Procyon’s cloud-based PAM solution provides a robust way to manage privileges in today’s modern enterprise that demands greater control and governance to reduce business risk, complexity, and costs.”
Industry Experts Highlight the Critical Need for A Next Generation PAM
“Privileged accounts used to create, configure and administer IT resources are the ‘crown jewels’ of every company’s IT estate. Conventional solutions for Privileged Access Management (PAM) have been undermined by the explosion of cloud-based services and the corresponding democratization of resource management roles across a company’s entire workforce,” said Mark Settle, former CIO Okta Inc. “Procyon provides a practical, low friction solution for shielding cloud resources from intrusion or misuse by malicious actors by leveraging state-of-the-art biometric technology and microprocessor architectures to verify employee identity throughout a privileged work session.”