Analyst Reports

Zero trust network access provider Banyan raises $30m series B round

by Garrett Bekker
San Francisco-based secure remote access provider Banyan has raised a $30m series B round, bringing its total raised to $47m. The round was led by Third Point Ventures, along with new investors SIG and Alter Venture Partners, with participation from past investors Shasta Ventures and Unusual Ventures.

San Francisco-based secure remote access provider Banyan has raised a $30m series B round, bringing its total raised to $47m. The round was led by Third Point Ventures, along with new investors SIG and Alter Venture Partners, with participation from past investors Shasta Ventures and Unusual Ventures.

Banyan was founded in 2015 by Yoshio Turner, Jayanth Gummaraju (CEO) and Tarun Desikan (COO), who are veterans of HP, VMware and CDN/XDN platform provider Moovweb, respectively. Veteran Adobe and Cisco security practitioner Den Jones recently joined as chief security officer, and John Dasher joined as VP of product marketing in 2020 after previously serving at RiskSense, McAfee, Good Technology and Apple.

Banyan was one of the early vendors to emerge specifically to address the concept of zero trust, with an offering that combines user and device authentication and application context as a key part of its overall framework for accessing applications and IaaS infrastructure. Architecturally, the latter uses a SaaS service mesh architecture and trust scoring to make contextual access decisions in real time, while leveraging an organization’s existing IT assets to work across hybrid and multicloud environments.

According to 451 Research’s Voice of the Enterprise survey data (fielded in Q2 2021), more than 90% of organizations have experienced at least some degree of transformation in the way their employees work, compared with the beginning of the COVID-19 pandemic in early 2020. Of those, three-quarters said they were significantly more reliant on remote work.

Business Transformations Due to COVID-19 pandemic

Q. Please indicate the extent to which each of the following functions of your organization has transformed since the beginning of 2020 and
their fundamental differences going forward.
Source: 451 Research’s Voice of the Enterprise: Digital Pulse, Business Reinvention & Transformation 2021



The Americas
+1 877 863 1306

Europe, Middle East & Africa
+44 20 7176 1234

+852 2533 3565


Copyright © 2022 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.These materials have been prepared solely for information purposes based upon information generally available to the public and from sources believed to be reliable. No content (including index data, ratings, credit-related analyses and data, research, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be used for any unlawful or unauthorized purposes. S&P Global and any third-party providers, (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON “AS IS” BASIS. S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

S&P Global Market Intelligence’s opinions, quotes and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Global Market Intelligence may provide index data. Direct investment in an index is not possible. Exposure to an asset class represented by an index is available through investable instruments based on that index. S&P Global Market Intelligence assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P Global Market Intelligence does not endorse companies, technologies, products, services, or solutions.

S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&P Global may have information that is not available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P Global may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the right to disseminate its opinions and analyses. S&P Global’s public ratings and analyses are made available on its websites, (free of charge) and (subscription), and may be distributed through other means, including via S&P Global publications and third-party redistributors. Additional information about our ratings fees is available at

< Back to Resources

Simple, secure, & free!

Quickly provide your workforce secure access to corporate resources and infrastructure.

Get Started Now