Aveksa closes $12 Mn in series B expansion funding

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Massachusetts: Deepak Taneja founded Aveksa, a provider of enterprise access governance solutions announced that it has raised $12 million in Series B funding led by FTVentures.

The capital 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. Led by FTVentures, Pequot Ventures, Charles River Ventures, and Barry Bycoff, Aveksa's chairman of the board participated in the funding. Pequot, Charles River and Bycoff were previous investors in Aveksa?s Series A round.

As part of the Series B funding, Mark Lotke, partner leading the Software Investment Team at FTVentures, will join Aveksa's board of directors.

"As enterprises strive to implement a strategic approach to access governance that will ensure accountability and visibility while minimizing business risk, Aveksa has seen an overwhelming demand for its solutions," said Deepak Taneja, CEO of Aveksa.

"FTVentures has a great track record of investment in growth companies and brings to the table a global network of capital, alliances and experience that will help Aveksa expand to new markets worldwide. Its participation, as well as the continued support from Charles River Ventures and Pequot Ventures, will be instrumental in fueling Aveksa's rapid growth and market leadership."

"The need to provide robust, integrated compliance visibility into access controls across the enterprise is of critical importance to FTVentures' global financial services partner network," said Mark Lotke of FTVentures.

"Aveksa has developed an innovative solution for reducing the time, cost and complexity for companies to effectively manage access to information resources while reducing risk and meeting compliance regulations," said Austin Westerling of Charles Rivers Ventures.

The $12 million Series B round for Aveksa highlights an impressive year of record growth that started off with the launch of Aveksa 3, the latest version of the company's enterprise access governance solution, and concluded with adding a number of high profile Fortune 500 accounts to its customer list.

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