Xceedium, Inc., provider of Zero Trust privileged identity and access management solutions, today announced that is has closed a $12 million Series B financing extension led by existing investor ArrowPath Venture Partners. The new funds will be used to fuel continued growth and expansion of the company, with specific emphasis on Xceedium’s new cloud-based initiatives. As part of this aggressive growth strategy, the company also announced today the launch of Xsuite Cloud.
“The market for privileged identity and access management solutions is constantly growing and the push for enterprises to move to the cloud has only increased its potential,” said Morgan Rodd at ArrowPath Venture Partners. “Xceedium’s track record and strong management team were the key drivers for this extension. Xceedium has proven resources in place to capitalize on the growing demand for products that control and monitor privileged network access.”
Large enterprises and global government agencies have adopted Xsuite as a critical component of their security infrastructure to meet stringent security and compliance requirements – eliminating the risk of allowing employees and third parties unchecked privileged access to their networks. This financing round allows Xceedium to maintain that leadership position and to aggressively fuel its cloud-based initiatives with Xsuite Cloud. Xsuite Cloud is a comprehensive privileged identity and access management platform designed to provide additional protection for organizations that are taking advantage of the cost, power and scalability of Amazon Web Services (AWS) in conjunction with existing datacenter infrastructure.
“We are very pleased to be announcing this latest round of financing coincident with the unveiling of our new Xsuite Cloud offering,” said Glenn Hazard, Xceedium CEO. “We are seeing significant adoption of our privileged identity and access management solutions within both the commercial and federal sectors. As these customers adopt cloud and hybrid architectures, Xsuite Cloud along with this latest funding extension uniquely positions us to take full advantage of this growing market opportunity.”
In addition to ArrowPath Venture Partners, new investor Western Technology Investment joined existing investors in the Series B financing extension.