Data security startup Immuta adds ServiceNow as an investor
Data security startup Immuta Inc. today announced an additional strategic investment from ServiceNow Inc. to accelerate product innovation as it expands its Data Security Platform.
The investment was an extension of a Series E round of $100 million Immuta raised in June. Founded in 2015, the company offers data teams a universal platform to control access to analytical data sets in the cloud. The Immuta Data Security Platform provides sensitive data discovery, security and access control and data activity monitoring.
Immuta’s engine scans an organization’s data and infers use based on its characteristics, then creates tags that can be used as a foundation for global policies. The platform follows the National Institute of Standards and Technology Cybersecurity Guidelines. The company says it helps organizations unlock value from their cloud data with better data security and simpler operations to get the correct data to the right people.
The company says it has seen strong growth, with annual recurring revenue increasing by 200% over the last fiscal year, off an undisclosed base. Notable customers include Roche Holding AG, Mercedes-Benz Group AG, International Consolidated Airlines Group SA and the U.S. Army.
“Immuta built excellent momentum in 2022 and continued to establish itself as a leading SaaS solution for data security over the past year,” Matthew Carroll (pictured), chief executive officer of Immuta, said in a statement. Carroll added that the company’s momentum, fueled by the additional funding from ServiceNow, will help launch it into its next growth phase. Along with product innovation, it also plans to use the additional funding to deepen strategic partnerships within the cloud data ecosystem.
Carroll spoke with theCUBE, SiliconANGLE Media’s livestreaming studio, in June about how enterprises worldwide are struggling with the complexity of data policies, rules and regulations and how the security industry is changing to meet those needs.
“What you’re seeing in the market now is the catalog players are really maturing and they’re starting to add a suite of features around governance,” Carroll said in the interview. “So quality control, observability and just traditional asset management around their data. What we are finding is that there’s a new gap in this space: Data is the security flaw.”