Andreessen Horowitz Invests in Lumos

<p><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; Lumos&comma; a software company centralizing the management of apps and identities for IT and security teams&comma; has secured &dollar;35 million Series B financing led by Scale Venture Partners with participation from Andreessen Horowitz&comma; Harpoon Ventures&comma; Neo and others&period; Lumos revenue has grown 9x since its last fundraise&comma; and has won over top enterprise customers like Pinterest&comma; MongoDB&comma; and GitHub&period; 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&comma; protecting against identity-based breaches and decreasing software spend&period;<&sol;p>&NewLine;<p>Large enterprises that Lumos serves use an average of 650 applications&period; Both IT and Security teams are responsible for managing these&comma; yet they often work in silos&period; While CIOs purchase multiple solutions to manage software spend and make sure employees get app access quickly&comma; CISOs have their own Identity Management tools to ensure compliant use of apps and prevent employees from having too much access&period;<&sol;p>&NewLine;<p>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&period; Lumos helps IT teams streamline onboarding and offboarding&comma; reduce software costs by eliminating unused licenses and duplicates&comma; and allows employees to request software access through a self-service AppStore&period; Meanwhile&comma; security teams use Lumos for quarterly access reviews to meet SOX and ISO27001 standards and manage privileged access by granting temporary admin rights&period;<&sol;p>&NewLine;<p>The solution also meets more complex Enterprise requirements&period; 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&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Building a unified platform that helps IT and Security teams manage both apps and identities in one place is long overdue&period; The need is evident in the recent growth of Lumos&period; We’re looking forward to partnering with the team as they continue to build&comma;” said Ariel Tseitlin&comma; Partner at Scale Venture Partners&period; &OpenCurlyDoubleQuote;AI has the potential to enable the automated management of employee access&comma; software spend and security needs&comma; and the team at Lumos is well on its way to making that a reality&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We are enabling the trend towards centralizing CIO and CISO technology stack needs&comma; and providing clear ROI cross-functionally for our customers&comma;” said Andrej Safundzic&comma; CEO of Lumos&period; &OpenCurlyDoubleQuote;Organizations are spending more on maintaining systems than for software itself in many cases&period; We’re committed to bringing app and identity management into one platform and making that platform as efficient as possible&period; That includes connecting both on-prem and cloud systems&comma; as well as using AI to reduce the total cost of ownership&period;”<&sol;p>&NewLine;<p>Lumos customers are seeing results impacting governance&comma; identity management and cost savings&comma; including&colon;<&sol;p>&NewLine;<p>Roku&colon; IT and Security teams worked with Lumos to launch a self-service AppStore for employees in less than 90 days&period; They are now productive faster&comma; and the company is more protected from identity breaches&period;<br &sol;>&NewLine;Chegg&colon; This 2&comma;500 person education company automated all access controls for 100&plus; apps to meet SOX compliance regulations and to reduce access risk&period;<&sol;p>&NewLine;<p>Secure Code Warrior&colon; The cybersecurity company used Lumos to remove unused licenses&comma; uncover shadow IT and streamlining renewals and has decreased software spend by 15&percnt;&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;What I love about Lumos is that they helped us get visibility to all our software vendors&comma; app access and user identities in one platform&comma;” said Tristian Cary&comma; Sr&period; Enterprise Applications Manager at Roku&period; &OpenCurlyDoubleQuote;It puts me in a much better position to manage our software spend and automate access requests&period; Our security team also loves the idea of how they can limit the access an employee gets with just-in-time access&period;”<&sol;p>&NewLine;