Procyon, a Santa Clara, CA-based company, launched a next-generation cloud-based privilege access management (PAM) solution for multi-cloud identity and access management and also announced that it raised $6.5 million in equity financing.
The round was led by Lobby Capital, with participation from GTM Capital and First Rays Venture Partners.
This funding will enable Procyon to help organizations harness the growing identity and access management sprawl in cloud environments.
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 Procyon multi-cloud privilege access management platform offers self-service access, zero standing, and just-in-time privileges (ZSP & JIT), strong device identity, and compliance and governance.
"Conventional PAM solutions are currently caught between a proverbial rock and a hard place," said Sukhesh Halemane, CEO and Co-Founder of 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."
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.
Company: Procyon, Inc.
Round: Equity Financing
Funding Month: February 2023
Lead Investors: Lobby Capital
Additional Investors: GTM Capital and First Rays Venture Partners
Company Website: https://www.procyon.ai/
Software Category: Data Security Software
About the Company: Founded in 2021, Procyon is a developer of data security software designed to provide cybersecurity. The company offers a cloud-privilege access management system that delivers security for the enterprise cloud by eliminating static credentials of users, enabling security software developers to work with cyber-attacks. Procyon's privilege access management solution, built from the ground up for multi-cloud and API-based infrastructure, makes it easy for enterprises to manage privileges and access critical resources. The Procyon solution leverages next-generation networking, passwordless, and self-service capabilities to provide a seamless and secure solution. Procyon's mission is to make accessing enterprise infrastructure simple, seamless, and secure. The company is headquartered in Santa Clara, California.