Lumos, a software company centralizing the management of apps and identities for IT and security teams, announced its $35M Series B financing led by Scale Venture Partners with participation from Andreessen Horowitz, Harpoon Ventures, Neo and others. Lumos revenue has grown 9x since its last fundraise, and has won over top enterprise customers like Pinterest, MongoDB, and GitHub. It has done this by enabling both IT and Security teams to discover and manage an organization’s apps—all with the goal of automating IT tickets, protecting against identity-based breaches and decreasing software spend.
Large enterprises that Lumos serves use an average of 650 applications. Both IT and Security teams are responsible for managing these, yet they often work in silos. While CIOs purchase multiple solutions to manage software spend and make sure employees get app access quickly, CISOs have their own Identity Management tools to ensure compliant use of apps and prevent employees from having too much access.
Lumos brings IT and Security teams together—enabling them to solve app and access related problems by merging the SaaS Management and Identity Management industries into one platform. Lumos helps IT teams streamline onboarding and offboarding, reduce software costs by eliminating unused licenses and duplicates, and allows employees to request software access through a self-service AppStore. Meanwhile, security teams use Lumos for quarterly access reviews to meet SOX and ISO27001 standards and manage privileged access by granting temporary admin rights.
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The solution also meets more complex Enterprise requirements. It connects with both on-premise and cloud systems down to a granular permission level—leveraging AI to reduce time and money spent on implementation.
“Building a unified platform that helps IT and Security teams manage both apps and identities in one place is long overdue. The need is evident in the recent growth of Lumos. We’re looking forward to partnering with the team as they continue to build,” said Ariel Tseitlin, Partner at Scale Venture Partners. “AI has the potential to enable the automated management of employee access, software spend and security needs, and the team at Lumos is well on its way to making that a reality.”
“We are enabling the trend towards centralizing CIO and CISO technology stack needs, and providing clear ROI cross-functionally for our customers,” said Andrej Safundzic, CEO of Lumos. “Organizations are spending more on maintaining systems than for software itself in many cases. We’re committed to bringing app and identity management into one platform and making that platform as efficient as possible. That includes connecting both on-prem and cloud systems, as well as using AI to reduce the total cost of ownership.”
Lumos customers are seeing results impacting governance, identity management and cost savings, including:
- Roku: IT and Security teams worked with Lumos to launch a self-service AppStore for employees in less than 90 days. They are now productive faster, and the company is more protected from identity breaches.
- Chegg: This 2,500 person education company automated all access controls for 100+ apps to meet SOX compliance regulations and to reduce access risk.
- Secure Code Warrior: The cybersecurity company used Lumos to remove unused licenses, uncover shadow IT and streamlining renewals and has decreased software spend by 15%.
“What I love about Lumos is that they helped us get visibility to all our software vendors, app access and user identities in one platform,” said Tristian Cary, Sr. Enterprise Applications Manager at Roku. “It puts me in a much better position to manage our software spend and automate access requests. Our security team also loves the idea of how they can limit the access an employee gets with just-in-time access.”
SOURCE: BusinessWire