AuthMind Receives Seed Investment Led by Ballistic Ventures to Protect Enterprises from Identity-Based Cyberattacks

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Sep 12, 2023, 07:26 ET

AuthMind Identity SecOps Platform uniquely provides end-to-end identity security posture management and real-time threat detection. Architecture further empowers businesses to accelerate cloud and SaaS adoption. IBM Ventures participates in the funding as a strategic investor.

BETHESDA, Md., Sept. 12, 2023 /PRNewswire/ -- AuthMind Inc., a leading innovator in Identity SecOps, today announced it received seed investments led by Ballistic Ventures with strategic participation by IBM Ventures. AuthMind has raised more than $8.5 million to help organizations uniquely protect against ever-growing identity-driven attacks targeting both managed and unmanaged identities across multi-cloud and on-prem environments.

"Hackers don't hack in, they log in," said Shlomi Yanai, CEO and Co-Founder at AuthMind. "The Identity infrastructure is a prime target for hackers despite continuous major investments in identity security. AuthMind solves this problem by detecting in real time the gaps and weaknesses that enable such attacks while empowering identity and security teams to remediate them quickly."

AuthMind empowers organizations to effectively address and protect against the three key enablers of today's identity-based cyberattacks:

Identity & Access Blind Spots - AuthMind detects and enables remediation of identity-related blind spots such as shadow assets, unauthorized local accounts, missing multi-factor authentication (MFA), and usage of unauthorized SaaS apps across any cloud or platform.
Identity Infrastructure Security Gaps - AuthMind provides advanced Identity Threat Detection & Response (ITDR) capabilities with detailed contextual analysis that identifies exposures, threats and attacks in real-time, across the various tools that create an identity infrastructure, including cloud Identity Providers (IdPs), On-Premises or Hybrid directories, MFA solutions, SSO, PAM solutions and more.
Identity Systems Misconfigurations & Non-Compliance - AuthMind identifies dangerous misconfigurations caused by human error, hazardous deviations from policy, and inadequate implementations of identity tools such as MFA, privileged access, and IAM tools.

AuthMind was named a 2022 Gartner Cool Vendor in Identity-First Security. The AuthMind Identity SecOps Platform serves as an important new security layer that enables organizations to quickly detect and remediate security gaps that are often missed. Businesses can now move faster and accelerate their operations. New access to services, applications and systems can be added instantly and with the confidence that AuthMind will provide the needed full visibility that other platforms lack.

"Based on a patented, AI-based access neural network, the AuthMind's Identity SecOps Platform sees all identities and accesses, managed and unmanaged, and offers the ability to greatly strengthen the identity security posture," added Yanai. "We're excited to collaborate with Ballistic Ventures and IBM Ventures to extend AuthMind's platform to any enterprise that needs to prevent identity-based attacks."

"Compromised identities are now involved in almost every cyber incident," said Jake Seid, Co-Founder and General Partner at Ballistic Ventures. "As we've moved to a cloud and SaaS world, the identity infrastructure has fragmented and is now a new vast attack surface that must be protected. AuthMind's approach is compelling in delivering an Identity SecOps platform that helps security organizations protect this surface, but doing so in a way that allows security organizations to also enable engineering and business teams to move fast."

"We're excited to be investing in AuthMind in the emerging space of ITDR. We continue to see an expanding attack surface across the identity infrastructure and beyond. AuthMind's ability to leverage AI to ingest and correlate network flows with event logs enables security teams to detect threats as they happen and visualize attack paths across hybrid environments," said George Mina, IBM Security Software Strategy and Venture Leader.

About AuthMind
AuthMind is a pioneering Identity SecOps provider that arms identity and cybersecurity teams with end-to-end, real-time identity security posture management and threat detection. Through unmatched visibility spanning complex integrated application landscapes, the AuthMind Identity SecOps Platform enables SecOps to address the most dangerous enablers of identity-based attacks: blind spots, identity infrastructure security gaps, and misconfigurations caused by human error. It allows security orgs to become enablers for engineering and business teams to move faster as they adopt new cloud and SaaS tooling. Unlike ITDR solutions that only monitor and protect known managed identities, AuthMind discovers and monitors any identity that enterprise employees use to connect to any asset, anywhere, anytime. AuthMind was founded in 2020 and is based in Bethesda, Maryland with R&D operations in Pune, India. Visit www.authmind.com.

Statements regarding IBM's future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only.

SOURCE AuthMind inc