Strata Raises $26 Million for Multi-Cloud Identity Management Platform
Multi-cloud identity orchestration firm Strata Identity today announced that it has raised $26 million in Series B funding, which brings the total raised by the company to $42 million.
The new investment round was led by Telstra Ventures, with additional financing from previous investors Forgepoint Capital, Innovating Capital, and Menlo Ventures.
Founded in 2019, the Boulder, Colorado-based firm offers a distributed identity orchestration platform to help organizations manage identity and security policies across hybrid and multi-cloud environments, from a central point.
Strata’s Maverics platform allows organizations to run multiple identity systems as a unified whole, a layer it calls Identity Fabric, all without having to rebuild applications, and provides user identity management across the entire fabric.
Furthermore, the platform includes support for modern authentication methods, such as multi-factor authentication (MFA) and passwordless.
With Maverics, Strata says, organizations can easily move legacy applications to the cloud, as well as transfer applications from one cloud provider to another.
The company plans to use the new investment to scale sales and marketing and to expand its go-to-market initiative.
According to Strata CEO Eric Olden, the company registered a 380% increase in revenue over the past year. “This new round of funding gives us the resources to scale up and meet colossal market demand for the Maverics platform,” Olden said.
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