Identity governance and administration startup BalkanID Inc. has landed another vote of investor confidence, announcing Aug. 25 a $2.3 million add-on to its seed funding round.
With that, the company's seed round grew from $5.7 million to $8.1 million. The additional funding brought in new investors such as K2G Tech Fund, GIT1K Club, Firsthand Ventures, MGV, NKM Capital and others.
"BalkanID's ability to make cloud-native access governance intelligent and pain-free enabled the company to raise additional funds when funding sources were drying up," stated Rishi Bhargava, co-founder of Demisto and BalkanID investor. "I'm more confident than ever about BalkanID's prospects."
The startup, led by serial entrepreneur Subbu Rama, said the new funds will fuel growth, as well as buffer against market fluctuations. Venture capital funding has been falling this year after hitting record highs in 2021, depressed by stock market turmoil and recession fears.
The company was co-founded by Chief Technology Officer Jeremy Patton — who founded Mutter.io and was a senior engineer at YouEarnedIt — and Chief Revenue Officer Sameer Sait, former chief information security officer at Amazon-owned Whole Foods Market who was also CISO at Austin-based Forcepoint. BalkanID launched out of stealth in May with a software-as-a-service product that helps companies spot risks stemming from the sprawl of permissions and access across other SaaS and cloud products.
BalkanID's initial investors included Uncommon Capital, Afore Capital, Sure Ventures and several tech executives, including Austin residents Pat Condon, co-founder of Rackspace, and Vivek Sodera, co-founder of email platform Superhuman.
The company had about 20 employees in May, and it currently has seven job openings posted on its website, mostly in engineering. BalkanID operates remotely, and it doesn't have an office.
Editor's note: This story has been updated with a new photo.
