Deepak Taneja founded Aveksa closes $12 Mn funding
Date: Friday , February 01, 2008
Deepak Taneja founded Aveksa, a provider of enterprise access governance solutions, closed series B funding of $12 million led by FTVentures, a growth capital investor with 40 of the world’s leading financial institutions as its strategic limited partners.
Also participating in the Series B round were Pequot Ventures and Charles River Ventures.
Founded in late 2004, Aveksa was established to help customers ease the burden of regulatory compliance by enabling them to automate and continually monitor access-related controls that are critical for complying with Sarbanes Oxley, HIPAA, GLBA, Basel II, and other security and privacy regulations.
Taneja finds demand for Aveksa’s solutions in governing user access to information resources for organizations in compliance-driven industries such as financial services, healthcare, energy, and retail.
“Aveksa competes with companies that have limited functionality to address all the requirements of governing access. Some competitors have strength in role mining, while others have strength in access auditing and compliance automation,” says Taneja. The capital raised recently will be used to fuel the market expansion of Aveksa’s access governance solutions as well as scale general operations to support recent customer wins and a growing sales pipeline.
As a part of the funding, Mark Lotke, a partner leading the Software Investment Team at FTVentures, will join Aveksa’s board of directors. Headquartered in Waltham, with over 50 employees, the company’s addressable market is estimated to become $1.5 billion by 2011. Aveksa enjoys leader position in the market with a top name in the Fortune 1000 customer list.