Lightspeed leads Zluri’s $20m funding round as SaaS management platform takes off

Lightspeed leads Zluri’s $20m funding round as SaaS management platform takes off

Published: 17-07-2023 09:34:00 | By: Pie Kamau | hits: 4493 | Tags:

Large companies are typically using over 1100 SaaS applications to run their operations and the number of companies adopting this trend is growing rapidly by 20% every year but this presents a number of risks. Helping them manage their SaaS estates and mitigate risks, SaaS operations(SaaSOps) platform Zluri, announced a $20 million funding round. The Series B funding round was led by Lightspeed, with participation from existing investors including MassMutual Ventures, Endiya Partners and Kalaari Capital. The company has now raised $32 million in total venture funding since 2020.

The rapid expansion of SaaS products in large companies poses significant challenges for IT and security teams, making it increasingly difficult to manage and orchestrate SaaS operations. Alongside this, the unstoppable wave of enterprise digital transformation, led by generative AI, swift cloud adoption, and the rise of distributed remote workforces, is ushering in a new era of complexity in SaaS operations.

Ritish Reddy, Co-founder, Zluri: ''The Enterprise SaaS consumption trends have led to under utilized licenses, compromised security, ineffective governance and overall suboptimal management of SaaS stacks for IT and Security Teams. We have fearlessly been building Zluri to scale for the needs of our community and have added a range of features to protect these companies and help them grow. Having launched and scaled our discovery engine in 2020 to help companies understand their SaaS stacks better, we have since launched an identity governance tool to manage access and now are launching the Zluri co-pilot to help enable faster workflows.''

Zluri’s comprehensive SaaSOps platform for IT teams helps companies discover, manage and optimize, secure and automate SaaS applications from a single dashboard. In addition to this, the Identity Governance tool will help teams streamline on/off boarding, access request management and offer access audits. The new Zluri CoPilot feature will help teams converse with their data and create workflows i.e making offboarding users much more efficient. Zluri works with over 250 customers globally which include prominent names such as, Tipalti, Whoop, Catapult Sports, Razorpay, Smartnews, Amagi, Daxko, Traveloka etc.

With the new funding round, Zluri will expand Generative AI capabilities in enterprise SaaSOps with Zluri’s CoPilot - an intelligent assistant to boost efficiency and productivity across enterprises using no-code workflows. Zluri has built a custom large language (LLM) model trained on billions of data points encompassing a wide range of attributes.

Zluri's expansion plans include continuing to scale go-to-market teams in North America and Europe to reinforce their presence in strategic markets, and fostering closer collaboration with customers. By establishing a stronger global footprint, Zluri aims to provide exceptional support to its growing customer base while actively seeking opportunities to forge new partnerships and drive innovation in the realm of SaaS management and Identity governance.

Dev Khare, Partner, Lightspeed: ''We are excited to partner with the Zluri team as they revolutionize SaaS management and identity governance for large enterprises and mid-market firms in the US and globally. They have demonstrated strong market traction, driven by an innovative architecture addressing the twin drivers of cybersecurity and pressure on IT to reduce cost.''

Since their Series A in January 2022, Zluri has doubled the overall team size, made deep in-roads in the US market including setting up an office in California and launched new products expanding their offerings from a single product to multi-product for both enterprises and mid-market companies.

Kyle Hitchcock, Head of IT, ARC Group: ''ARC is a group of 16 unique companies with varying tech stacks. Zluri has enabled us to understand usage and uncover shadow IT so that we can understand which tools are being used per capability. They have also helped us cross reference our spends against usage which helps us determine which SaaS apps are giving the most business value. We are currently in the process of connecting our HR system to allow for automatic provisioning/deprovisioning of SaaS apps and licenses. It has been a great tool for us and we look forward to a long partnership working together.''

Zluri puts the IT team back in control of their new SaaS-ified landscape. Zluri has the most comprehensive application discovery engine in the industry and the largest library of over 800 in-depth direct integrations.