I’m excited to announce Immuta’s $100M Series E funding, bringing our total funding to $267M. The funding round includes new investors NightDragon and cloud data leader Snowflake, as well as participation from existing investors Dell Technologies Capital, DFJ Growth, IAG, Intel Capital, March Capital, StepStone, Ten Eleven Ventures, and Wipro Ventures. (read the press release).
This new funding validates what our team has accomplished, puts trust in our strategic roadmap, and will fuel our next phase of growth.
The theme of our company kickoff event back in February was “Our Second Act.” Looking back, we’ve already accomplished a lot in our first act since our founding in 2015. And, just last year, we increased our annual commercial recurring revenue (ARR) by more than 100 percent, doubled our customer base, and continued to expand globally.
What we’re most excited about is what comes next.
This additional funding will help fuel our second act, and the major theme is relentless customer obsession. Our goal is to provide the best data security and privacy for our customers to scale successfully in the cloud. This is why some of the largest companies in the world trust us with their data, including the top U.S. bank, two of the top three pharma companies in the world, the world’s top luxury car brand, and the top cryptocurrency exchange.
In our next phase of growth, we will look to continue our focus on accelerating secure data access in the following strategic areas:
- Strategic M&A: as the industry consolidates, we will capitalize on strategic acquisitions, e.g. advanced monitoring to further build out our security capabilities
- Further innovation including new product capabilities and acquisitions
- Deeper partnerships with the leading cloud players such as Snowflake and Databricks
- Global adoption including simplified deployment and global support
Solving Data Security and Privacy Challenges
As every organization seeks to migrate to the cloud, data teams are pressured to get more data into the hands of more people faster. Data is the lifeblood of every organization, but they must maximize that data’s utility while being ethically and legally responsible – the health of organizations across all industries depends on it.
Fast, scalable data access correlates with faster time to results, more revenue, increased innovation, better customer satisfaction, lower costs, and more. And, ethical and legal data use correlates with increased trust, reduced risk, increased compliance, and more efficient data sharing. How do you achieve both?
Unfortunately, balancing speed and scale with security and privacy is extremely difficult.
In a recent Immuta survey of data professionals, we found that “84% believe data privacy and security requirements will limit access to data at their organizations over the next 24 months.” (451 Reseach, 2021 survey of 500+ organizations).
The challenge is that for every piece of data, there are policies that dictate who can see that data and what they can do with it. With more rules and regulations, we’re seeing an explosion of data policies and no way to control the chaos. Some of our customers came to us because they were dealing with millions of policies and legacy approaches to managing and enforcing those data policies simply don’t work at scale.
Immuta is solving the data access dilemma today.
Why Immuta is the Leader in Secure Data Access
Immuta’s Data Access Platform delivers secure data access so that you can discover, secure, and monitor your data to ensure that users have access to the right data at the right time – as long as they have the rights.
Here are the key reasons our customers chose Immuta and our investors continue to back us.
Our Promise to Customers
We promise that with Immuta, our customers can:
- Trust that only the people with the right privileges and permissions can access the data. We deliver this by unifying and enforcing data policies automatically across cloud platforms, protecting organizations from data leaks and breaches, and enabling provable compliance.
- Empower more teams to manage data policies. This is accomplished by distributing data access responsibility so that data policies can be authored in plain language, simplifying access requests and decentralizing data policy management.
- Scale data security on the modern data stack. We enable this by reducing the data policies to securely govern data by 75X, enabling data teams to author data policies once and enforce them everywhere, and by integrating natively with leading cloud platforms.
The Leader in Product Innovation
Immuta’s Data Access Platform continues to lead the market in data security innovation.
No other product does attribute-based access control (ABAC) like Immuta. ABAC fundamentally shifts the way organizations manage data access without increasing risk or complexity. Organizations can reduce the number of policies required by 75x, while also speeding up data access by 100x. Before, it may have taken hours or days to grant secure data access and that complex process becomes completely automated.
It is because of our strong innovations that, according to top analysts, Immuta is the #1 most evaluated data access platform by the Fortune 1000.
Our foundational product innovation with ABAC is just one key capability. We think implementing ABAC is one of the hardest jobs to do effectively at scale, but our platform also has other capabilities including data discovery (think scanning, classifying, and tagging data) and monitoring (think audits, alerts, reports), which simplify all aspects of data workflows.
As a whole, Immuta is an end-to-end data access platform that integrates seamlessly with your existing cloud data platforms. The ability to deploy Immuta SaaS in minutes – a capability we launched last year – eliminates the need to worry about maintenance and upgrades.
With this new funding, we’ll be further expanding capabilities like these. After all, our customers shouldn’t need 10 different data security, privacy, and governance tools when they can just use one.
Strong Partnerships & Growth
In the modern data stack, partnerships and interoperability are critical for success.
This past year, we deepened our partnerships with Snowflake, Databricks, Amazon, Google, Azure, and Starburst, from both a technical and business perspective.
Not only do we have Premier partnerships with these platforms, but we’ve also worked side-by-side with their product and engineering teams so that Immuta can natively integrate with them. Rather than working as a proxy (think bolt-on) that quickly becomes a performance bottleneck, Immuta’s native integrations leverage the underlying capabilities of the cloud platform. This model has now been proven to reduce risk and eliminate any potential performance issues.
In addition, we’ve expanded Immuta’s presence with new offices and global partnerships with systems integrators. This past year, we expanded into Australia and New Zealand, as well as further into EMEA, adding new customers and new employees in those regions.
We plan to continue our strong momentum and here are a few of the more specific things to look out for in the near-term as key investments in our next phase of growth. They include:
- Increased innovation – We will double down on SaaS as our primary deployment model. We launched our SaaS deployment in 2021 and most new customers choose SaaS for the increased simplicity and lower maintenance. Moving forward, we want to continue to broaden our platform capabilities, particularly in the area of monitoring. We will also look at potential acquisitions to accelerate our product strategy.
- Deeper partnerships – We partner with the leading cloud players such as Snowflake and Databricks on both a technical and business level. We will always achieve the highest security standards in the industry (such as SOC 2 Type 2, which we achieved in 2021). But, we must also meet their standards for security and excellence, such as getting through Snowflake’s technical validation requirements, which we did this year).
- Global adoption of Immuta so it’s easy to use and deploy and use anywhere. To do this, we are expanding sales, marketing, and customer success globally, including into Asia. And, we are growing our global support team to go hand in hand with increased global adoption.
Stay tuned for more exciting news in the months ahead!