Strata nets $26m in Series B financing haul


Strata, a distributed multi-cloud identity orchestration firm, has secured $26m in a Series B funding round led by Telstra Ventures.

Also participating in the round were investors such as Menlo Ventures, Innovating Capital and Forgepoint Capital.

The company has developed, Maverics, the first distributed identity orchestration platform that enables organisations to adopt modern cloud identity systems without the need to rewrite applications, which Strata saves millions and years of manual migration.

Strata’s Maverics is a global platform that enables any number of identity systems to work together as a unified whole called an Identity Fabric, without making any changes to them or to applications.

The firm has raised more than $42M in financing to date and will use the additional funds to further scale sales and marketing, go-to-market activities and customer success initiatives.

The company also announced that Marcus Bartram, general partner at Telstra Ventures has joined the company’s board of directors.

Strata CEO Eric Olden said, “Our ability to remove the biggest roadblock to cloud migration and app modernization, while saving customers millions of dollars in the process, has helped us grow our recurring revenue more than 380% in the past year.

“This new round of funding gives us the resources to scale up and meet colossal market demand for the Maverics platform. We selected Telstra because of their experience and track record in identity with Auth0, Crowdstrike, Cloud Knox and others, and are excited to welcome Marcus Bartram to our board.”

Inscribe, a fraud detection and document automation platform, has recently scored $25m in Series B funding.

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