Opal Security, a leading name in next-generation identity security and access management, has raised $22m in a funding round.
The company has successfully secured a $22 million Series B funding round. This investment was led by Battery Ventures, accompanied by notable contributions from existing investors Greylock and Box Group. Opal Security’s cumulative funding now stands impressively at $32 million.
Since its Series A in 2022, Opal Security has demonstrated a remarkable fourfold increase in annual recurring revenue. This surge is attributed to the burgeoning demand for identity-security products in the enterprise sector. The company’s suite of identity access management solutions has evidently struck a chord in the market, resonating with the urgent needs of modern enterprises.
At the heart of Opal Security’s operation is a sophisticated platform that addresses the intricate challenges of identity security. The company’s cutting-edge solutions cater to the dynamic needs of scaling organisations and large enterprises, offering flexible, cloud-native security. This is particularly vital in managing identities and access across fragmented, interconnected systems and hybrid environments. Renowned clients, including Databricks, Figma, Scale AI, and other larger enterprises, rely on Opal Security for seamless and secure access management.
With the fresh injection of capital, Opal Security is poised for an ambitious expansion. The plan includes enlarging its global team, enhancing support for enterprise customers, and accelerating the development of innovative products. Among these new offerings are a suite of visualization and AI tools aimed at mitigating identity risk more effectively.
The escalating wave of cybersecurity regulation, notably the new U.S. SEC rule mandating swift disclosure of cyber incidents, underscores the urgency of Opal Security’s mission. The company’s platform is increasingly sought-after for its ability to enhance visibility and enforce stringent access controls within organisations, thereby reducing the incidence of compromised credentials – a leading cause of cyber intrusions.
Umaimah Khan, CEO and co-founder of Opal Security, emphasised the increasing complexity of security and IT challenges in large organizations. “There are more cybersecurity regulations coming, and with them, increased exposure of what’s really happening inside organizations when it comes to access and authorization,” Khan said. She highlighted the growing necessity for a unified system to safeguard against attacks and limit the extent of damage.
Echoing Khan’s sentiments, Caleb Sima, Chair of CSA AI Security Alliance, lauded Opal Security’s integrated platform approach as a significant advancement in identity and access management (IAM). Sima expressed enthusiasm for contributing to Opal Security’s mission in shaping the future of identity and access.
Dharmesh Thakker, general partner at Battery Ventures, underscored the evolving cybersecurity landscape. “The Opal Security team has homed in on a key market opportunity: bolstering the security of companies’ internal systems through identity and access management, while not compromising the ability of employees to do their jobs,” Thakker said.
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