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

 

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