Astrix Security, a cutting-edge platform that helps companies manage and secure their third-party app integrations, has announced the successful closure of its Series A funding round, raising an impressive $25 million.
The round was led by CRV, a prominent venture capital firm, with participation from Bessemer Venture Partners and F2 Venture Capital.
With this latest infusion of capital, Astrix’s total funding now stands at $40 million, enabling the company to expand its workforce across its offices in Tel Aviv and the United States.
In an email interview, Alon Jackson, co-founder and CEO of Astrix, highlighted the importance of their solution in today’s digital landscape, which has seen a rapid increase in cloud and software-as-a-service (SaaS) adoption.
As a result, there has been a surge in third-party app usage and automation, necessitating a comprehensive security solution.
Astrix aims to address this critical security gap by empowering security teams to extend access management and threat detection to the non-human identity layer.
Alon Jackson and co-founder Idan Gour, who met while serving in the Israel Defense Forces, recognized the need to develop a platform that could provide companies with enhanced security control over their app integrations, which have become increasingly popular.
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Research indicates that company departments utilize an average of 40 to 60 different apps, with an organization-wide average of 200 apps. Such a vast number of integrations can magnify security risks.
A survey conducted by the Ponemon Institute and Mastercard’s RiskRecon in 2022 revealed that 54% of organizations experienced breaches through third-party connections in the preceding year.
Jackson emphasized the challenge faced by security teams due to employees often connecting apps across departments without their knowledge, making it nearly impossible to maintain visibility and governance over every third-party connection.
Astrix addresses this issue by connecting to a company’s core systems, including SaaS, integration platform-as-a-service, and infrastructure-as-a-service.
Leveraging machine learning-based behavioral analysis engines, Astrix detects deviations from standard app-to-app connectivity behaviors and suggests remedial actions for security teams to mitigate risks effectively.
Apart from threat detection, Astrix provides businesses with a comprehensive overview of both internal and third-party integrations within their environment.
It also identifies all active access keys, such as API keys and service accounts, along with the associated permissions and levels of access granted.
James Green, a general partner at CRV, expressed enthusiasm for Astrix’s holistic observability features, stating that the company takes an innovative approach to extending identity and access management while detecting threats in the realm of non-human identities.
This empowers organizations to effectively manage the growing API-based third-party attack surface across all environments.
While Astrix faces competition from other app connection security providers like Apiiro, Valence Security, Wing Security, and Kodem, the company has managed to stand out.
Jackson, although not disclosing the exact size of Astrix’s customer base, revealed that they recently onboarded high-profile clients, including Figma, Priceline, Bloomreach, and Rapyd.
Jackson acknowledged that cybersecurity is an industry that is generally less affected during downturns, emphasizing that layoffs and economic downturns often lead to an increase in cybercrime worldwide. Astrix has experienced this trend over the past year.
While it is true that Q1 witnessed the lowest venture capital funding for security in a decade, according to a report, Astrix has defied the odds and continued its success.