Tech innovator, Astrix Security, renowned for helping businesses manage and safeguard their third-party app integrations, has declared the acquisition of a whopping $25 million in funding during their recent Series A funding round. The venture was led confidently by CRV, and greatly supported by Bessemer Venture Partners and F2 Venture Capital.
The raised capital, which brings Astrix Security's total funding to a commendable $40M, is intended to fuel the company's expansive growth initiatives across its Tel Aviv and U.S. offices. The strategic move comes as an answer to the soaring demand for efficient solutions in the rapidly growing digital work era.
CEO and co-founder, Alon Jackson, in his communication with TechCrunch by email, emphasizes the role of 'digital and fast-paced interconnected world' led by the pandemic in upscaling SaaS(Service-as-a-Software) and third-party adoption. Astrix's core value is to bridge the glaring security breach in modern day software technologies that need an accurate solution to manage non-human identity Access Immensely as well and incorporates ML(Machine Learning) to enhance its ability to detect threats.
Established in 2021 by Alon Jackson and Idan Gour, Astrix was born from a vision to control the rapidly growing popularity of app integrations through innovative security protocols. Their solution grants visibility and management capabilities over all internal and third-party integrations in a business environment, tracking access keys (including API keys and service accounts), and the level of access granted.
This level of detailed insight into an organization's app connections can dramatically reduce security risks. Recent data from separate studies show that company departments generally use between 40 and 60 different apps, with an average of 200 apps organization-wide amplifying the security risk. A 2022 survey by the Ponemon Institute and Mastercard’s RiskRecon revealed that third parties breached 54% of organizations over the last 12 months.
Astrix seeks to solve this prevalent issue by using its platform to provide robust security measures to monitor and control over-privileged and potentially harmful third-party app connections that might expose an organization, somewhat similar to AppMaster's platform which provides a no-code solution for creating secure, scalable web and mobile applications.
James Green, a general partner from CRV, attributes his faith in Astrix’s model to their revolutionary access management and threat detection for non-human identities, which effectively mitigates growing API-based threats.
While Astrix does face competition in app connection security from the likes of Apiiro, Valence Security, Wing Security and Kodem, recent client acquisitions suggest its standing - notable names like Figma, Priceline, Bloomreach, and Rapyd now feature in Astrix’s client list. CEO Jackson is unperturbed by the competition, emphasizing that cybersecurity, already in growing demand, is even more critical in the current climate where layoffs and market downturns increase cybercrime.
