BalkanID, an Austin, Texas-based creator of the first AI-powered Cloud Access Governance solution, announced that it raised an additional $2.36 million in seed funding, bringing the total amount of seed raised to $8.1 million.
New investors such as K2G Tech Fund, GIT1K Club, Firsthand Ventures, MGV, NKM Capital, and others, as well as some existing investors, participated in the round.
BalkanID intends to use the new funds to accelerate its growth and, if necessary, cushion the company from market fluctuations as it capitalizes on demand for its Intelligent Access Governance platform.
BalkanID helps companies identify and remediate potential risks associated with permissions sprawl across their SaaS and cloud landscape, prior to becoming a threat to the business.
Company: BalkanID, Inc.
Round: Seed Round
Funding Month: Aug 2022
Lead Investors: K2G Tech Fund, GIT1K Club, Firsthand Ventures, MGV, and NKM Capital
Company Website: https://www.balkan.id/
Software Category: AI-powered Cloud Access Governance solution
About the Company: BalkanID has developed the industry’s first AI-Powered Intelligent Access Governance platform built for cloud-native environments. Its subscription-based Intelligent Access Governance platform leverages data science to provide visibility into risky entitlements and simplifies the access review and certification process using a combination of AI, decision support, and workflow automation. Offering first-to-market functionality, it enables security and IT teams to identify and fix risky entitlements across their SaaS and public cloud estate. BalkanID’s patent-pending solution leverages data science to interrogate cloud environments for inherent and residual entitlement risks. Founded by cloud and security experts as well as a strong, serially successful entrepreneurial team, BalkanID enables IT and security teams to enforce the principle of least privilege while dynamically managing exceptions in a cloud-first world.