Opal Security Receives $22 Million Investment

Opal Security, the next-generation identity security and access management company, announced a $22 million Series B financing led by Battery Ventures with participation from existing investors Greylock and Box Group. The round brings Opal Security's total funding to date to $32 million.

Since Opal Security's Series A financing in 2022, how has the company increased its revenue? A 4x increase in annual recurring revenue for its suite of identity access management solutions, driven by strong enterprise demand for identity security products. Note for Opal Security. It will expand its global team with this new round of financing. It will also scale its enterprise customer support. It will accelerate new product development, including a new visualisation suite and artificial intelligence tools to eliminate identity risk.

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Opal Security

What's behind this surge in corporate demand? A wave of new cybersecurity regulations, including a new US Securities and Exchange Commission (SEC) rule requiring companies to quickly and thoroughly disclose cybersecurity incidents. Opal Security customers are keen to use the company's platform to implement least privilege across their organisations to reduce the lack of visibility and reduce the likelihood of "credential compromise" incidents.

These incidents occur when bad actors gain access to valid credentials, such as employee passwords and logins. It is the leading cause of successful cyberattacks according to the US Cybersecurity and Infrastructure Security Agency (CISA). According to Gartner, 75 per cent of compromised credential incidents are also caused by system misconfigurations or mismanagement of access.

They require flexible, cloud-native identity security that can manage identities and access across fragmented, interconnected systems and hybrid environments. Opal Security's next-generation platform, currently used by customers such as Databricks, Figma, Scale AI and larger organisations, allows users to securely manage access to the tools and resources they need to do their jobs quickly, easily and, importantly, securely. The Opal Security platform simplifies the management of human and non-human identities by providing a clean, API-driven approach to aggregating and acting on identity and authorisation data.

"The Need for a Unified System is Becoming More and More Important"