Strata Identity, a Boulder, Colorado-based distributed multi-cloud identity orchestration company, announced that it closed $26 million in Series B funding, bringing its total raised to more than $42 million.
The round was led by Telstra Ventures, with participation from existing investors Menlo Ventures, Forgepoint Capital, and Innovating Capital.
The additional funds will be used 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.
“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,” said Eric Olden, CEO of Strata. “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.”
Strata developed, Maverics™, the first distributed identity orchestration platform that enables organizations to adopt modern cloud identity systems without the need to rewrite applications, saving millions and years of manual migration.
The company’s Maverics Identity Orchestration platform enables organizations to connect and control incompatible identity systems without changing the user access experience.
By decoupling applications from identity, Maverics makes it possible to implement modern authentication like passwordless and enforce consistent access policies without refactoring source code.
Company: Strata Identity, Inc.
Raised: $26.0M
Round: Series B
Funding Month: January 2023
Lead Investors: Telstra Ventures
Additional Investors: Menlo Ventures, Forgepoint Capital, and Innovating Capital
Company Website: https://www.strata.io/
Software Category: Identity & Access Management (IAM) Software
About the Company: Founded in 2019, Strata offers an Identity Orchestration platform that unifies all of the identity infrastructure into a single layer called an "identity fabric." It is built specifically for hybrid and multi-cloud environments for easy management of distributed identity systems. Strata help companies using multiple clouds manage identity and security policies across the different cloud services. Leading enterprises in a wide range of industries, including financial services, retail, government, telecommunications, and insurance rely on Strata for multi-cloud identity orchestration.
Source: https://www.strata.io/resources/media/series-b-financing/