AI powered Cloud Access Governance provider BalkanID secured $2.36 Million in funding

BalkanID, an Austin-based developer of an AI-powered Cloud Access Governance solution, has now secured $2.36 million in a seed funding round, which brings the total funding of its seed round to $8.1 million.

BalkanID was founded by Subbu Rama. It has developed an AI Powered intelligent access governance platform built for the cloud-native environments, which enables companies to identify and remediate potential risks associated with permissions sprawl across their SaaS and cloud landscape prior to becoming a threat to the business. Its subscription-based platform leverages data science to provide visibility into risky entitlements and simplifies the access review and certification process using a combination of AI, workflow automation and decision support.

Archi KyoungRok Kong, a founding managing partner at K2G Tech Fund, said, "As enterprise companies have shifted from on premises to public SaaS offerings, there have been new unicorn companies in the Identity Access Management area. Now, as there are higher adoptions of public SaaS in enterprise, we believe that traditional on-prem players will be disrupted by a modernized and advanced unicorn startup in Identity Governance and Administration. BalkanID is the best fit in the market."

Gaurav Jain, a founding managing partner at Afore Capital, said, "We invest in companies with the capacity to drive digital transformation regardless of industry or geography and BalkanID checks all the boxes. Its elegant, differentiated solution addresses a well-known, hard-to-solve problem in the access governance space and the company is staffed by a phenomenal team. We jumped at the chance to invest and look forward to participating in its success."

The round was backed by Firsthand Ventures, K2G Tech Fund, NKM Capital, MGV, GIT1K Club, and some other existing investors.

The AI startup, as of now, has plans to use the new funds to accelerate its growth.