Cerby Announces $17 Million In Series A Funding 

Cerby, the comprehensive access management platform for nonstandard applications, today announced that the company has raised $17 million in Series A funding. Two Sigma Ventures led the round with significant participation from Outpost Ventures, an investment platform of Neuberger Berman. Participating investors include Ridge Ventures, Founders Fund, Bowery Capital, AV8, Salesforce Ventures, Tau Ventures, Okta Ventures, Incubate Fund, and Ben Johnson, co-founder of Obsidian Security and Carbon Black.

Cerby received significant inbound interest and preemptive terms sheets due to the unique risk they address in the identity and access management (IAM) market – nonstandard applications. These applications do not support common identity and security standards like APIs, Single Sign-on (SSO), and protocols for automating employee onboarding and offboarding from critical applications.

A recent study by the Ponemon Institute found that 52% of organizations have experienced a cybersecurity incident caused by their inability to secure nonstandard applications, posing an increasingly challenging risk in every business. This spotlights the growing need for a fully connected identity mesh that works for all applications: on-premises, OT, legacy, and cloud – not just those supporting standards. 

This latest round brings the company’s total funding to $32.5 million. The funds will be used to scale Cerby’s go-to-market efforts, including expanding sales and marketing efforts; accelerating innovation of Cerby’s access management solution for nonstandard applications; further building on customer momentum and industry research; continue investing in generative AI to enhance development speed and maintenance of integrations; and reinforce international teams and customers with additional support.

Founded in 2020, Cerby has evolved from its inception with a focus on managing access to applications for marketing teams to expand its reach to sales, product, financial services, and healthcare applications, catering to public SaaS and privately hosted applications. The investment highlights Cerby’s need in the financial services sector, which is often heavily dependent on nonstandard applications. Recent achievements in addition to fundraising include the company becoming Okta partner-approved and filing two patents to advance its IP strategy. 

Leave a Reply

%d bloggers like this: