Accel has led a $50 million funding round for cybersecurity startup Veza at a valuation of around $500 million, CEO and co-founder Tarun Thakur said in an exclusive interview. The deal underscores how some young startups in hot sectors are still garnering generous valuations despite little revenue.
Two-year-old Veza, which was previously called Cookie.ai, sells subscription software that helps businesses see which of their employees have access to certain customer or corporate data and what they’re able to do with the data. It can also help companies limit access to authorized individuals. The software aims to cut down on hackers’ ability to infiltrate corporate networks through employees’ devices, a concern that has grown as more companies doled out access to employees working remotely during the pandemic.