Security experts often describe identity as the “new perimeter” in the world of security: in the world of cloud services where network assets and apps can range far and wide, the biggest vulnerabilities are often leaked and spoofed log-in credentials.
A startup called SGNL has built a new approach that it believes is better at securing how identities are used to access apps and more — it is based on the emerging concept of zero-standing privilege, where user access is conditional rather than “standing” — and today it’s announcing $30 million on the back of strong growth.
The funding, a Series A, is being led by Brightmind Partners, a new VC focusing on cybersecurity (it has yet to announce its first fund: that is due to come later this year). Also participating are strategic investors Microsoft (via M12) and Cisco Investments, along with Costanoa, which led SGNL’s seed round in 2022.
SGNL has now raised $42 million, and while valuation is not being disclosed, the company is definitely growing. It claims to have “multiple” major enterprise customers, including one that has “major media, entertainment, and technology operations” and is using SGNL to streamline access management across its cloud environments.
The startup does not disclose its customer list but notes that examples of the kinds of breaches that have resulted from holes in identity posture — the kind that would be better plugged by using technology like SGNL’s — include the breaches at MGM ($100M), T-Mobile ($350M), AT&T, Microsoft, and Caesars.
SGNL is the brainchild of Scott Kriz (CEO) and Erik Gustavson (CPO), who had previously co-founded another ID access management company called Bitium. Google acquired that startup in 2017 and there, Kris said, he and his team were tasked with not only directory services for products like Google Workspace and Google Cloud Pl …