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In a series C round of funding, Teleport, the company whose mission consisted of establishing an identity-based infrastructure access management platform for engineers, has raised $110 million.
While remote work and a more distributed workforce have been one of the most significant outcomes of the global catastrophe, this has resulted in increased need for tools and technologies to assist individuals working from distant locations. However, even before the global remote work revolution, the rapidly evolving cloud computing movement prompted an increase in demand for ways to access critical systems without being physically present where the actual programs are running, and that is basically what Teleport operates.
Teleport, which was established in 2015, provides businesses with easy, secure access to their critical infrastructure through connectivity, authentication, authorization, and audit in short, making sure that the right people can access the appropriate systems at the correct time.
Teleport has served as a platform to supplant a slew of third-party technologies with a single product, including VPNs, secrets vaults, and other legacy access management tools.
Because having a single-source-of-truth boosts security, it also reduces operational overhead and improves end-user experiences, the Kontsevoy said.
Teleport has assigned identities to all of the hardware, software, and peopleware that constitutes a company''s stack, eliminating the need for passwords or private keys. It is a strategy that is being used by major corporations, including Elastic, Snowflake, VMware, and DoorDash.
We want to eliminate the need for secrets when it comes to infrastructure, and to replace them with identity, according to Kontsevoy. Teleport reduces the tension between security and productivity, allowing businesses to grow rapidly while also improving security and compliance.
It''s also worth noting that Teleport is offering an open-source community edition in situations where a company needs to build and execute its software, despite all their expenses. And that''s how Teleport divides its pricing plans into a completely free and open-source incarnation, and a enterprise version with premium support and features (which may be self-hosted, if the client wants).
Only if the Teleports code is in the open, anyone, including security experts, can inspect the source code against flaws and back doors, according to Kontsevoy. This strengthens trust with our users, and raises the bar for our engineers, because they are aware that every line of code they commit will be instantly visible to the outside world. This is why we believe that proprietary solutions cannot be as secure as their open-source counterparts.
Teleport reported a turnover of $59 million previously, and the company is well-positioned to build on its recent growth. Teleport claims to have seen its customer base almost double last year.
Bessemer Venture Partners led the Teleports series C round, with participation from Kleiner Perkins, Insight Partners, and S28 Capital.