Veza, a software company specializing in managing internal technology access within organizations, has raised $108 million in a funding round led by New Enterprise Associates, with participation from prominent cloud vendors like Atlassian, Snowflake, and Workday. This funding brings the company’s valuation to over $800 million, fueling its growth as it expands its reach across industries.
Veza’s platform helps businesses monitor and manage who has access to their corporate systems, reducing the risk of over-provisioning—granting too much access to too many people. This process significantly minimizes the chances of security breaches by ensuring only authorized personnel have access to sensitive data. Snowflake, for instance, has used Veza’s technology for two years to better manage access and verify permissions within its vast ecosystem of cloud solutions.
The funding comes at a time when traditional venture capital investments are cooling due to inflation and rising interest rates. As startup exits slow, corporate venture funding has become a more attractive option, as the capital is often more strategic, helping companies like Atlassian and Snowflake gain insights into new technologies while boosting their own product offerings. Snowflake, for example, evaluates how its technology consumption increases from its investments in startups like Veza, adding another layer of value beyond mere financial returns.
Veza’s focus on access management puts it in direct competition with major players like Microsoft and Okta, but its strength lies in providing visibility into permissions and entitlements. While other companies may offer similar products, Veza stands out by providing a broader view of access and helping businesses tighten security around identity and access management. This has proven to be critical in a world increasingly targeted by cyberattacks.
The new funding will allow Veza to expand its market presence, especially within the U.S. government and internationally, and to further enhance its platform. As cyber threats grow and companies face more complex security challenges, Veza’s solutions are becoming integral to managing permissions and protecting valuable corporate data.
Veza’s client list includes major companies such as AMD, CrowdStrike, and Intuit, and its sales have more than doubled in the last fiscal year. With its focus on next-generation security software, Veza is well-positioned to continue its growth in the rapidly evolving cybersecurity landscape.
READ MORE: