We started Remediant with one goal in mind: to get our Just-In-Time-Administration privileged access technology into the hands of as many information security practitioners as possible. Today, we’re announcing another major step on that path, as we welcome Dell Technologies Capital and ForgePoint Capital into the Remediant family. As we seek to enter our next phase of hyper-growth, this $15 million Series A round will fuel continued innovation in our products, continued investment in our people and continued success for our customers.
As cybersecurity practitioners in the biotech sector, we saw firsthand how existing identity and access management solutions failed to deliver adequate protection against credential theft attacks and did nothing to address the pervasive problem of admin over-provisioning. We realized there was a huge gap in the market that needed to be addressed; that’s why we created Remediant – to solve a major industry need by providing an innovative alternative to legacy PAM solutions that struggle to scale with today’s digital enterprise.
There are few segments of the information security world where the analyst perception and the on-the-ground reality were as far apart as they were in the PAM space. Long considered a “solved problem,” legacy PAM solutions focus exclusively on authentication as the method for protecting privileged access. Over time, innovation in these legacy PAM solutions looked like longer passwords or more frequent credential rotation – but never addressing the real needs of practitioners who used these solutions every day. We wanted to create a solution that addresses the fundamental access problem – and makes life simpler for the system administrators, help desk administrators, DevOps personnel and others who need privileged access to do their jobs.
With this funding, we’ll continue growing our base of Fortune 2000 customers, expand our channel programs, sales, field marketing, engineering and customer success. In turn, this will help us expand our existing footprint in vertical markets including the Defense Industrial Base, biotech, legal, media, financial services, healthcare and more.
Our announcement today builds on a history of fortunate success. Remediant has been a bootstrapped, profitable, company since we signed our first customer, Lockheed Martin in 2017. Last year was an amazing year as we quintupled our revenue as major enterprises across a number of industries adopted SecureONE. Most importantly, the Remediant family has expanded with the addition of new employees and new customers.
Thank you to our customers, employees, partners and our new investors for believing in our vision. We look forward to the future of Remediant and the evolution of PAM.