Teleport, the Access Plane company, is announcing today that it has secured $30M in Series B funding. The company also released its latest version of its offering, Teleport 7.0 – introducing identity-based access for MongoDB.
This funding round is led by S28 Capital and Kleiner Perkins and follows the company's record-breaking quarter, with net new annual recurring revenue up 5x and total annual recurring revenue up 2.5x, compared to the second quarter of 2020.
“Since partnering with Teleport at Series A, we have watched them emerge as the leader in remote infrastructure access, while earning the trust of some of the largest and most security-conscious companies in the industry”, - said Bucky Moore, partner at Kleiner Perkins. “This made our decision to double down and lead their Series B an easy one. The scale of Teleport's opportunity is massive, and continues to grow as the mega-trends of cloud and remote work play out. We are proud to continue our support of the company on their mission to simplify remote access for the millions of engineers on earth.”
Access Plane adoption is accelerating
Organizations all over the world are coping with the increasing number and complexity of their cloud computing environments. A typical environment consists of dozens of technology layers each requiring its own remote access by engineers.
Teleport has pioneered its Access Plane technology which offers industry best practices for secure access consolidated in a single solution, launched in 2018. Since then, the adoption of the Access Plane has been accelerating, starting with the tech and finance companies. This includes a major stock exchange, the biggest crypto exchanges, large gaming and e-commerce platforms.
Teleport's CEO Ev Kontsevoy confirms that the company is on track to triple its revenue in 2021 – and hire its 100th employee.
The company is planning to use the additional capital to accelerate product development by adding support for additional computing resources and for expanding its operations internationally.
Prior to the introduction of Teleport 7.0, the MongoDB community suffered from high operational overhead of securing databases individually, often resorting to common trade-offs like relying on network security via VPNs and using shared credentials. With more than 25% of developers actively using MongoDB, the Teleport team recognized a gap in the current market offerings that needed to be filled, particularly in light of remote-work challenges.
“Having experienced identity-based SSH access, Teleport users expect the same benefits for other computing resources, particularly databases,” said Teleport Co-Founder and CEO Ev Kontsevoy. “Access Plane technology is putting the era of configuring access for every data store one by one behind us. We’re quite happy to be extending these benefits to the MongoDB users with this release, and our latest round of funding has made this an even more exciting time for our team here at Teleport.”
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Teleport empowers engineers to quickly access any computing resource anywhere on the planet with a single login.
Our open source products provide an Access Plane (AP) for developers and security professionals seeking to simplify secure access to servers, applications, and databases across all computing environments. It is an open source project and anyone can download the latest release to try the Access Plane benefits.
Our Access Plane solution includes Server Access, Database Access, Kubernetes Access and Application Access.
Teleport is the AP of choice among leading companies, including Elastic, Samsung, NASDAQ, Snowflake, and IBM.
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