Today is a very exciting day for Banyan Security! We just announced $30M in new growth financing! We are partnering with Curtis McKee from Third Point Ventures as lead investor and Board member for our Series B funding round, along with participation from new investors SIG and Alter Venture Partners and previous investors Shasta Ventures and Unusual Ventures.
Third Point Ventures brings an excellent portfolio including SentinelOne and Sysdig. Curtis brings deep expertise in network security and remote access, partly from his prior experience at Intel and Arista. I feel incredibly fortunate and honored to have these accomplished investors on our journey to transform security for this new era of work-from-anywhere.
A lot has changed since our Series A round in late 2019. The rapid shift to remote work environments and the push for digital transformation are greatly exacerbating the secure access challenges that we founded Banyan to solve. As a result, the interest in Zero Trust Network Access (ZTNA) is skyrocketing, and the market has gotten very noisy with new entrants and old players cobbling together repurposed VPNs with a Zero Trust sticker.
In contrast, Banyan has been laser-focused on these issues from the company’s inception and we are confident that we have built the market’s most trusted and scalable secure remote access solution. Moreover, Banyan is “architected for diversity”. Modern organizations are incredibly heterogeneous. This diversity is reflected in the employees, developers, and third parties they work with, the mix of operating systems and device types being used, in the locations where people work, and in the types and locations of resources being accessed. Banyan’s solution securely and conveniently handles access across all of this.
In the last year, we grew our user and customer base by over 300%. Our product has gained many new security features with a delightful user experience and a new free offering (Team Edition). We’ve also built a world-class leadership team including the recent addition of our CSO Den Jones, one of the most experienced leaders in zero trust implementation.
I’m very excited about the future of Banyan. I’m very confident we’ve found the right partner in Third Point Ventures and Curtis, with their background, track record, and recognition of Banyan for being a true market disruptor and innovator. We’ll use this investment to increase our brand awareness and double the team by the end of the year with hiring across sales, marketing, and product innovation.
I invite you to keep up with our latest product and company updates by signing up here. If you have challenges with your remote access or want to pursue bringing zero trust into your environment, please reach out to us and see how we can help with your efforts.