The internet is currently grappling with a permissions issue, driven by the rise of non-human entities like chatbots, AI agents, and automated systems, necessitating credentials, permissions, and identities. This has spurred identity and access management startups to gain venture capital. Venice, a 35-person Israeli-American startup, is challenging industry leaders such as CyberArk and Okta, claiming it’s already being adopted by Fortune 500 companies.
Founded over two years ago, Venice secured $20 million in Series A funding, led by IVP with participation from Index Ventures. While its competitors, like Persona, Veza, and GitGuardian, are well-funded, Venice focuses on both cloud-based and on-premises environments, catering to enterprises with hybrid IT systems.
At the helm is 31-year-old Rotem Lurie, who brings experience from Unit 8200, Microsoft, and Axis Security, which sold to Hewlett Packard Enterprise for $500 million. Her experience at YL Ventures highlighted the strategic need for deep and comprehensive technology, crucial for replacing established players.
Venice consolidates multiple tools into a unified platform for managing access across on-premises servers, SaaS applications, and cloud infrastructure for both human and non-human users. Lurie emphasizes the value in reducing overhead costs rather than undercutting prices. Venice’s approach has reportedly led to quick adoption by Fortune 500 and Fortune 1000 companies, aided by AI-powered automation.
Cack Wilhelm of IVP, impressed by Lurie’s audacity and the urgency brought by AI agents, led the Series A round. With identity and access management spending expected to rise significantly, and nearly half the company being women, Venice is building a diverse team across Israel and North America. Lurie’s co-founder, Or Vaknin, is the CTO. The focus is now on whether Venice’s early traction will sustain against well-funded competitors in a market that often consolidates around dominant players.