London’s burgeoning cybersecurity firm, Ploy, has successfully garnered £2.5 million in a funding round spearheaded by Osney Capital. The initiative attracted contributions from Superseed, Tiny.vc, and Rule30, as well as numerous angel investors hailing from esteemed organizations such as ForgeRock, Digital Shadows, ZScaler, Rapid7, Egress, and ComplyAdvantage.
Established by former leaders of Metomic, Jacob Prime and Harry Lucas, Ploy presents a cloud-first Identity Governance and Administration (IGA) platform that automates the intricacies of identity and access management across a variety of SaaS, cloud, and collaborative tools, empowering businesses to diminish identity management time by as much as 90%.
Automating Identity and Access Management
In a landscape where 93% of organizations encounter two or more identity-related breaches each year and 80% of cyberattacks leverage identity-based vulnerabilities, companies are grappling with an escalating identity crisis characterized by complexity and proliferation.
Data reveals that each significant identity-related security notification demands approximately 11 person-hours, compounding the strain on already overextended security teams.
Additionally, the rising employment of AI agents and non-human identities introduces an expansive new attack surface that legacy identity management systems are ill-equipped to handle.
Jacob Prime, CEO and co-founder of Ploy, articulated, “The reliance on spreadsheet-centric access tracking is now tantamount to a legal and security hazard. Organizations must possess real-time insights into access privileges before either attackers or regulatory bodies expose vulnerabilities. This is precisely the challenge Ploy addresses.”
Ploy’s platform endows users with real-time visibility and automation capabilities, facilitating expedited onboarding, offboarding, access requests, and reviews through pre-built integrations. This allows organizations to manage access in a mere 20 minutes, devoid of any coding requirements.
Tailored for mid-market enterprises with up to 5,000 employees, Ploy merges cutting-edge cloud architecture with an embedded AI assistant, “Luna,” that aids security teams in identifying anomalies and making informed access decisions.
“The issue of identity sprawl has escalated into a notable concern for organizations across the spectrum, particularly those with contemporary technology ecosystems, which often encompass hundreds or even thousands of SaaS applications,” stated Joshua Walter, a partner at Osney Capital, who will join the board of Ploy.
Within the competitive IGA landscape, Ploy encounters both established and emergent rivals, including SailPoint, Okta, Saviynt, and One Identity.
What’s Next?
The platform has already secured over one million individual access entitlements and identified more than 26,000 SaaS applications across its clientele, which includes notable entities such as Payfit, Not On The High Street, Welcome to the Jungle, ComplyAdvantage, Liberis, and Times Higher Education.
Customers have reported notable efficiency enhancements and expedited incident response since integrating Ploy’s technology.
Having achieved a doubling of revenue with a compact team of four and previously raised funds from discerning angel investors in 2024, Ploy aims to leverage this new funding round to expedite product development and global expansion, thereby redefining standards in identity governance and establishing a new paradigm for managing and securing access on a global scale.
Source link: Techfundingnews.com.
