Lumos Secures $35M Series B Funding to Unify the SaaS and Identity Management Industries
23 May 2024 - 11:15PM
Business Wire
After 9x growth, funding round led by Scale
Venture Partners will enable Lumos to expand its app and identity
platform
Today 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.
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. One 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.”
For more information on Lumos and open roles, visit
lumos.com/careers.
About Lumos
Lumos is the only unified command center to discover and manage
software vendors, app access and user identities. This helps
organizations automate IT tickets, protect against identity-based
breaches and decrease software spend. With Lumos, both IT and
Security teams can centralize app and identity management in one
platform.
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Chris Frank 760-707-9580 chris@lumos.com