- Point72 Ventures LP led the pilot round, including Haystack Partners LLC, Essence Ventures LLC, and several individual investors.
- Abbey Labs offers a platform to enterprises to help them secure and automate employee access to sensitive data infrastructure.
Abbey Labs Inc., a startup specializing in identity access and management, has raised USD 5.25 million in new funding to accelerate its go-to-market opportunities, recruiting, and developer awareness.
Point72 Ventures LP led the pilot round, including Haystack Partners LLC, Essence Ventures LLC, and some individual investors.
Abbey Labs was founded in 2022 by Arvil Nagpal and Jeff Chao, former employees of Okta Inc. and Stripe Inc. Abbey Labs provides a platform to assist businesses in securing and automating employee access to sensitive data infrastructure. The platform enables businesses to enhance their security and compliance programs by controlling permissions automatically, thereby mitigating the risks associated with unauthorized access in the event of a violation.
Nagpal and Chao are said to have founded Abbey Labs to enable engineers to construct secure infrastructure from the outset by defining access to adhere to the principle of least privilege and ensuring that only required access is granted. Abbey Labs enables engineers to expand the purview of their automation by providing them with tools that are compatible with what they already use.
The company asserts that it satisfies an enterprise need that is not presently being met: the ability to expedite and improve the user access process to internal data infrastructure. Employees requesting the proper access to perform their tasks must contend with inefficient, insecure, and expensive layers of processes that while striving to make businesses secure and compliant, create bottlenecks and consume valuable work time.
Abbey Labs uses a first-access governance platform designed for engineers, which it claims is a distinct approach from other providers. The platform integrates standard access operations, such as requests and approvals, into the organization’s existing developer tooling and infrastructure. It also integrated it into the company’s infrastructure provisioning process. This enables engineers to automate access and construct infrastructure securely from the beginning.
Nagpal said, “During my time at Okta, I saw first-hand the struggles our customers faced with providing engineers access to critical data systems in a way that’s both secure and compliant. We built Abbey Labs to allow companies to better control access to data systems in partnership with their engineers, not against them.”