[May 06, 2024]

Anetac Emerges from Stealth to Empower Enterprises with a Streaming Identity Solution Revolutionizing Service Account Security, Raises $16M in Funding

RSA Conference-- Anetac, a Silicon Valley startup protecting companies from blind spots of service accounts in hybrid environments, announced its emergence from stealth mode. The company also announced a funding investment totaling $16 million which will bring necessary disruption to the identity and security market by providing an intuitive, rapidly deployable SaaS solution. The streaming solution offers real-time visibility, enabling users to discover, monitor and respond to the large threat surface exploited via service accounts. These threats include but are not limited to large standing privileges, shared use, lack of credential rotation and dormancy of an account.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240506570601/en/

Anetac Dynamic Identity and Security Platform. (Photo: Business Wire)

The Anetac Dynamic Identity and Security Platform was forged to tackle a problem plaguing nearly every organization in every industry: unmonitored or poorly monitored service accounts, tokens, API and access keys. According to Anetac research data, service accounts outnumber user accounts by 30-45 times. Unlike static scanning tools, Anetac's solution offers real-time streaming and visibility into service account access chains, protocols, security hygiene, privilege escalations and indicators of attack and compromise, enabling security teams to quickly identify and remediate vulnerabilities before malicious actors can exploit them.

Anetac started with a group of seven founders with a deep understanding of the cyber security challenges a hybrid enterprise faces and how a dynamic problem requires a dynamic solution. Anetac is already establishing a diverse customer base by servicing markets including leading airlines, banks, colleges, mining and other critical businesses and infrastructure while demonstrating the global problem of rising data breaches.

With this latest round of funding led by Liberty Global and additional funding provided by Shield Capital and GP Ventures, along with Anetac CEO Tim Eades and cybersecurity expert Jason Witty, Anetac will continue to focus on crafting a seamless business experience to elevate its service offerings to cater to security leaders' needs in the modern threat landscape.

Bringing an Intuitive Solution to a Global Security Problem

The Anetac Dynamic Identity and Security Platform was built from the ground up in close collaboration with and insight from a community of CISOs, design partners and security executives. It equips organizations with the intuitive security solutions needed while remaining agile and deployable within minutes. With the platform now accessible to businesses of all sizes, Anetac is ushering in a new era of protection, empowerment and peace of mind in the ever-evolving digital landscape by providing the following capabilities:

• Real-time streaming visibility of non-human and shared-use service accounts reducing blind spots and improving security hygiene - in a recent retail organization's deployment, we discovered that 20% of provisioned accounts had never been used, 55% of all accounts were disabled, 30% had passwords over a year old and hundreds of passwords that were over 5 years old
• Mapping of access chains illuminating complex chains between service accounts, critical resources, business applications and processes
• Automated behavioral analysis combined with time-series data detecting unusual activity and expediting discovery and incident response time
• Dynamically reducing attack surface by continuously mapping and reinforcing the organizations' security posture

Investor & Customer Thoughts on Anetac Funding Round

"Implementing a streaming identity solution that gives us constant visibility into our service accounts has been a game-changer for our organization. It has saved us many months of effort required for account mapping, helped us scale security efforts and maintain a comprehensive view of our service account landscape," said Jeromy Lease, cybersecurity and architecture manager at a Denver-based Mining Company. "As a strategic partner, Anetac helps our team prioritize and focus on keeping our operations secure."

"The Anetac Dynamic Identity and Security Platform streaming solution is disrupting the market by delivering continuous visibility of non-human service accounts and access chains for both cloud and on-premises environments. This innovative approach to securing service accounts sets a new standard and challenges traditional approaches like never before," said Michael Brown, partner at Shield Capital. "Anetac launches amidst a global surge in cyber threat growth across all industries, addressing the critical need for a dynamic streaming solution offering constant visibility and control across all accounts - service, user and admin."

"Cyber attacks stemming from unmonitored or poorly monitored service accounts are a remarkable global issue affecting organizations in all industries. With the Anetac Dynamic Identity and Security Platform, organizations are poised for constant surveillance on constantly changing service accounts privileges," said Jason Witty, CISO investor. "This investment is about supporting a solution that aims to mitigate a significant risk facing enterprises worldwide."

About Anetac

Anetac is a world-class dynamic identity and security platform that offers continuous visibility of the ever-evolving service account landscape that every organization encounters today. For hybrid environments, the streaming solution offers real-time visibility, enabling users to discover, monitor and respond to the large threat surface exploited via service accounts. Founded in Los Altos, California in 2023, Anetac proactively solves the disconnect of static scanning tools with an innovative, streaming approach that dynamically addresses identity problems and improves organizations' security posture.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506570601/en/

[ Back To TMCnet.com's Homepage ]