Identity-security firm Saviynt valued at about $3 billion in latest funding round

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Dec 9 (Reuters) – Identity-security company Saviynt said on Tuesday it was valued at about $3 billion in a funding round led by U.S. investment firm KKR, amid companies bolstering their security tools in the face of rising AI-driven threats.

The firm raised $700 million in the round, which was joined by Sixth Street Growth and TenEleven, with existing backer Carrick Capital Partners also participating.

Saviynt is an AI-driven identity-security firm that helps organizations control access for people, machines and AI systems across apps, data and infrastructure, aiming to protect against risk and support large-scale AI use.

Organizations have increased spending on identity-security tools to curb breaches and streamline operations, with tougher data-privacy laws, rising global cyberattacks and emerging AI-driven threats further fuelling demand.

“Saviynt has built one of the most advanced and comprehensive identity security platforms in the market, purpose-built for the AI era,” said KKR Managing Director Ben Pederson.

The El Segundo, California-based company said it will use the funds to speed up product development, creation of AI-based migration tools, and integration with cloud providers and software partners.

Rival SailPoint fetched a valuation of $12.8 billion in its IPO in February.

Saviynt’s enterprise customers include Levi’s, Kraft Heinz, Western Digital and ADS, according to its website.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Sriraj Kalluvila)