BalkanID, a startup building tech in the identity governance and administration sector, has extended its seed financing to $2.3m, bringing the total raised overall to $8.1m.
BalkanID said the add-on seed financing included new investors including K2G Tech Fund, GIT1K Club, Firsthand Ventures, NKM Capita and MGV.
BalkanID currently markets a subscription-based product that provides defenders with visibility into risky entitlements and a simplified way to manage access review and certification processes.
The company emerged from stealth earlier this year with plans to target the mid-market with a tool that uses machine learning and workflow automation.
The company’s technology has been fitted with a risk engine that automatically identifies risky users and those with excessive permissions or toxic combinations, risky apps, roles and privileges across the organisation’s SaaS and public cloud estate.
According to Security Week, the additional financing will provide a longer runway for BalkanID to work on its cloud access governance product that promises to help firms find and remediate risky privileges across SaaS and public cloud infrastructure.
Existing investor Maine Venture Fund led the round, with commitments also coming from 3dot6 Ventures, York IE, Maine Technology Institute, FreshTracks Capital and Wasabi Ventures. Also joining the round were first-time backers Coastal Ventures and Opus Ventures.
This fresh capital will help the company accelerate its go-to-market strategies, bolster product development and expand its team.
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