Obsidian lands $90m in Menlo-backed Series C

Obsidian Security has closed a Series C funding round on $90m as it looks to accelerate its plans for global expansion.

The round was led by Menlo Ventures and saw participation from Norwest Venture Partners and IVP as well as Greylock, Wing and GV Obsidian. Following this round, the company has raised a total of $119.5m.

Founded in 2017, Obsidian describes itself as the first truly comprehensive security solution for SaaS. The company originally described itself as an identity protection firm but is now offering threat and posture management solutions.

The business’s platform can be integrated with 16 common SaaS applications including Workday, Microsoft 365 and SalesForce.

According to Obsidian, the money will be used to fund the global expansion of its R&D and go-to-market teams.

Menlo Ventures partner Venky Ganesan – who will join the Obsidian board – said, “There’s a myopic focus on securing cloud infrastructure and company endpoints leaving a significant gap in the middle where users, data and business assets live — SaaS applications.

“In our conversations with CISOs and CIOs we have seen a profound shift that legacy security and configuration tools are not enough to protect an organization’s most critical assets. We believe that Obsidian’s holistic approach to SaaS security will help define this category.”

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