Procyon Raises Funds For Next-Gen PAM Solution

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The funding round led by Lobby Capital fast-tracks the growth of the next generation PAM helping enterprises improve and streamline their Identity and access operations

Procyon, a privilege access management platform built for multi-cloud environments, announced a $6.5 million equity financing to help organisations harness the growing identity and access management sprawl in cloud environments. 

The new investment was led by Lobby Capital with participation from GTM Capital and First Rays Venture Partners. This funding comes as Procyon, which already counts Fortune 100 companies among its early adopters, releases the industry’s first privilege access management solution built from the ground up for cloud native environments.

The adoption of cloud-based infrastructure has created a gold rush for cyber criminals to steal credentials, which has compounded in complexity with the use of modern cloud systems like AWS, Google Cloud Platform (GCP) and Azure. 

Procyon is redefining the conventional approach to privilege access management for developers and DevOps teams with a new model that meets their need for quick access to systems and applications while working across distributed teams to manage thousands of cloud services.

The Procyon Multi-Cloud Privilege Access Management platform offers

  • Self-Service Access – With a self-service portal that can be customised to incorporate enterprise security processes, the Procyon platform allows DevOps and Identity Access Management (IAM) Operations teams to request on-demand access to resources
  • Zero Standing & Just in time Privileges (ZSP & JIT) – By enforcing zero standing privileges (ZSP) along with Just in time (JIT) access, the Procyon platform also eliminates security exposures from overprivileged access to resources and personnel
  • Strong Device Identity – Using a Trusted Platform Module (TPM) chip on modern devices, Procyon enables passwordless sign-in to all resources
  • Compliance & Governance – The Procyon architecture offers the highest standard of compliance with support for major standards like PCI/SOC2 and audit logging and analytics, allowing enterprises the necessary visibility into who has access to what and when.