Sphere Technology bags $31m in Edison-led Series B


Sphere Technology Solutions, a New Jersey-based firm building tech to help defenders manage identities and access to sensitive data, has scored $31m in a Series B.

The round was headed by Edison Partners and saw backing from Forgepoint Capital, who also led Sphere’s Series A. Following this raise, Sphere has raised a total of $45m since inception.

Founded in 2009, Sphere is a woman-owned cybersecurity business focusing on improving security and enhancing compliance.

The company puts controls in place to secure sensitive data, create the right governance processes for systems and assets, and make sure companies are compliant with the regulations surrounding this space.

Ranging from strategic security advisory to SWAT-team remediation projects, Sphere provides solutions to help companies understand their risks, create policies for a target end state, and remediate major vulnerabilities.

The company previously released SPHEREboard, technology that allows customers to have deep analytics and rich metrics to help them better govern their environment.

Sphere plans to use the new financing to expand its SaaS product portfolio and ramp up work on channel ecosystem and alliances, and sales and marketing.

Rita Gurevich – CEO and founder of Sphere – said the company has found traction in the ‘tricky’ identity hygiene space, where corporate defenders struggle to ensure identities have access only to the required resources.

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