I am thrilled to share that Capital One Ventures and ServiceNow Ventures have made a strategic investment in Veza! With this new investment, we are excited to accelerate our focus on building the modern identity platform. This latest development builds on our Series C investment from early last year and further validates our identity security vision as we work together to transform the identity industry beyond limited legacy SSO, MFA, IGA, and PAM approaches to secure identities.
This added capital will accelerate Veza’s product development, innovation, and go-to-market capacity to meet market demand for our next-generation Identity Security solutions.
I am deeply grateful to Chris Betz, Chris Nims, and Naynesh Patel from Capital One’s Security teams, as well as Jaidev Shergill, Robert Mervine, and Zach Wyman from the Capital One Venture’s teams. Capital One was one of the earliest adopters of cloud - as a product founder and product CEO, I feel blessed to be working with a team who can help us think boldly about our product roadmap as we look to reinvent identity access for decades to come.
I am also deeply thankful to Pablo Stern, Lou Fiorello, Bhakti Pitre, and everyone on the ServiceNow Security team who recognize the power of authorization and permissions data and its potential to reinvent identity access. I am beyond grateful to Phil Kirk, Vaibhav Narayanam, and Michael Du from the ServiceNow Ventures team for their progressive mindsets on the enterprise market segment.
Partnering to Deliver The Modern Identity Platform
Our decision to work with Capital One Ventures and ServiceNow Ventures on this investment was deliberately focused on strategic benefits it would bring. As a global Fortune 50 organization, Capital One has firsthand experience securing data in the cloud at an enterprise scale like no other. CapitalOne Ventures was one of the early investors and believers in Snowflake and understands what true disruption of legacy architectures can do for creating new markets and value. We are incredibly grateful to have the opportunity to work with Capital One Ventures as we reinvent the future of access control.
Comparable to Capital One’s mastery of product and scale is ServiceNow’s expertise in platform and market strategy. I have long been impressed by ServiceNow’s platform and engineering capabilities. Step by step, ServiceNow teams built multiple products on the foundation of their workflow engine, including Workflows for HR, Workflows for IT, Workflows for CS, and much more! They truly understand that the core data model is crucial to building a world-class platform and are experts at creating products that address multiple pain points for organizations.
Like ServiceNow, we have taken a bottoms-up approach to building the Veza platform. Veza’s Authorization Graph leverages a revolutionary approach to understanding permissions across hundreds of systems, all of which interconnect end-to-end with identity, providing actionable intelligence and the ability to modernize identity access governance, privilege access, data governance and compliance initiatives. I look forward to working with ServiceNow Ventures as we expand the reach of our Identity Security platform to enterprises and industries around the world.
Authorization Metadata is Key to Identity Security
Authorization metadata is our secret sauce. Everyday, organizations accumulate permissions at an increasing rate. With employee, application, platform, machine identity and service account, organizations can quickly find themselves attempting to monitor millions of individual permissions across all their systems. Some of these permissions are granted and managed via traditional Identity platforms, but unfortunately, these legacy tools (IGA, PAM, IAM) are not adapted to manage the aggressive privilege sprawl multi- and hybrid-cloud enterprises are facing today. With multi-identity stores and hundreds of SaaS apps from Salesforce to GibHub, it quickly becomes impossible for organizations to confidently answer the question, “who can take what actions on what data?” Does everyone in the “Marketing Read-Only” group have delete permissions? Possibly. But, legacy solutions won’t show you this.
But, the reason legacy solutions won’t help you answer this question is because they were built on a relational database model. Unlike relational databases, Veza’s Authorization Graph uses a Graph database approach and can ingest and understand each system’s complicated, unique approach to authorization and transform that information into easily digestible, standard language that clearly shows you who can Read, Write, Update and Delete in any system or platform. This includes access granted outside of traditional IAM systems like Okta, and even unravels the layers of complicated privilege granted via nest groups and roles.
The complexity and power of Veza’s Authorization Graph has created a category of its own and has attracted the intrigue and support of many. There’s no opinion we hear louder than that of our customers’, however. They continue to motivate and inspire us everyday, and we welcome and incorporate their feedback into everything we do. We are building an Identity Security platform that solves our customers’ biggest pain points. That has been in our DNA since the beginning.
With 100+ integrations already under our belt, you’d be surprised to hear that everyday, our customers are banging down our (virtual) doors asking for more integrations to the systems they use to power their organizations. Identity Security platforms like Veza make the pursuit of Least Privilege not only attainable, but practical. With the funding we’ve secured from Capital One and ServiceNow, we’ll be able to grant their wishes even faster than before - and it won’t be a moment too soon.
Securing access at the identity level has never been more important to prevent security incidents and, thanks to the dedication of our team and our latest investors, we’ve never been better equipped to help enterprises do so. Veza has demonstrated the power of authorization data as the source of truth to help organizations secure access to data anywhere and everywhere.
I look forward to Capital One and ServiceNow’s continued support as we proceed with our mission to build the future of Identity Security at Veza. Onward!
Learn more in the official announcement.
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