A Platform for Managing and Securing Third-Party App Integrations
Astrix Security, a company that helps organizations manage and secure their third-party app integrations, has announced the closure of a $25 million Series A funding round. The round was led by CRV with participation from Bessemer Venture Partners and F2 Venture Capital. This brings Astrix’s total raised to $40 million.
Expanding Operations and Addressing a Growing Security Gap
According to Co-founder and CEO Alon Jackson, the funding will be used to expand headcount across the company’s offices in Tel Aviv and the U.S. The pandemic has accelerated cloud and software-as-a-service (SaaS) adoption, leading to increased third-party app integrations and automation requirements. However, this has also created a significant security gap that Astrix aims to address.
A Need for a New Approach to Security
Jackson notes that traditional security measures are not sufficient in today’s fast-paced digital world. "Apps are often connected by employees across departments without the security team’s knowledge, making it virtually impossible to have visibility and governance into every third-party connection," he said. Astrix connects to a company’s core systems to protect against over-privileged and malicious third-party app connections.
Using Machine Learning-Based Behavioral Analysis
Astrix uses machine learning-based behavioral analysis engines to spot deviations from standard app-to-app connectivity behaviors and suggest remediation steps that security teams can take to address the root of the problem. This holistic approach provides a view of all internal and third-party integrations within a business environment, as well as access keys in use and permissions granted.
A Growing Market with Increasing Security Risks
According to a recent report, company departments use between 40 and 60 different apps, with an average of 200 apps organization-wide. This can amplify the security risk. A poll published by the Ponemon Institute and Mastercard’s RiskRecon found that 54% of organizations were breached through third parties over the preceding 12 months.
Rivals in the App Connection Security Space
Astrix isn’t alone in the app connection security space, with Apiiro, Valence Security, Wing Security, and Kodem also operating in this area. However, Jackson notes that Astrix has recently brought on high-profile customers, including Figma, Priceline, Bloomreach, and Rapyd.
The Future of Cybersecurity
Cybercrime is increasingly prevalent worldwide, with cybersecurity being one of the few fields less impacted during economic downturns. "Moreover, layoffs and down markets create more cybercrime worldwide," Jackson said. With Astrix’s funding, it seems that the company is successfully bucking this trend.
Topics
- Astrix Security: A platform for managing and securing third-party app integrations
- CRV: The lead investor in Astrix’s Series A funding round
- Enterprise: A growing market with increasing security risks
- Funding: Astrix raises $25 million in Series A funding
