SEATTLE, Sept. 2, 2020 /PRNewswire/ -- Cloudentity, a cloud-based provider of application security and identity-aware authorization solutions, announced today that it has raised $13M in Series A funding led by ForgePoint Capital, with participation from WestWave Capital. This round brings the company's total funding to $15 million. Coming off a record year of customer adoption and expansion, the new funds will be used to accelerate the company's growth and go-to-market efforts. Sean Cunningham, Managing Director at ForgePoint Capital, will join Cloudentity's board of directors.
"As enterprises move to the cloud, they are adopting distributed microservices and API-first applications, which present performance and security risks to identity and authorization platforms that are required to safely deploy applications," said Nathanael Coffing, Co-Founder, Cloudentity.
APIs now account for over 80 percent of all web traffic and are expected to be the most frequent attack vector for data breaches by 2022. Traditional identity security approaches lack the scale and granularity to deliver the continuous user authorization required in a multi-cloud zero trust model. The problem is growing and is causing enterprises to delay release of applications or take unwanted risk.
Cloudentity solves these challenges by delivering a new category of identity-aware authorization for multi-cloud environments to enable a cloud-native approach to API Access Control. Cloudentity enables continuous contextual, fine-grained authorization with policy enforcement at the API and service level. This approach allows business' development teams to adopt cloud constructs more quickly by externalizing identity and authorization.
"Emerging business models in the B2B2C and OpenBanking space necessitate API-driven distributed services protected by an authorization and governance solution like ours," added Coffing. "Cloudentity sits at the convergence between Identity and Application Infrastructure, providing Continuous Contextual Authorization for zero trust API security. We are thrilled to have ForgePoint Capital and WestWave Capital behind us to help achieve this vision."
"We're excited to lead the Series A financing round for Cloudentity and invest in its proven team and vision for Continuous Contextual Authorization. Cloudentity has amassed significant customer and industry partnership momentum. The company is executing on the promise of scaling API security and control policies to enterprises, which helps protect its customers against the new wave of API threats," said Sean Cunningham, Managing Director at ForgePoint Capital.
About Cloudentity
Cloudentity is a provider of Identity-Aware Authorization and Application Security solutions for the API first economy such as Open Banking. API Access Control has emerged as the next generation of Identity security allowing enterprises to protect APIs, users, and services from misuse and abuse. Security and infrastructure teams at Fortune 500 organizations across the world rely on Cloudentity to keep their applications safe from attack. For more information visit Cloudentity.com, on Twitter at @CloudentityTEAM, or connect on LinkedIn atwww.linkedin.com/company/cloudentityteam/.
About ForgePoint Capital
ForgePoint Capital is the premier cybersecurity venture fund investing in transformative companies protecting the digital world. The firm is one of the most prolific investors in early and growth stage cybersecurity companies with over 40 global cybersecurity investments. The team brings more than eight decades of company building, value creation experience and draws upon the largest network of trusted cybersecurity industry experts and customers to support entrepreneurs who are building great companies. Based in the San Francisco Bay Area, the firm partners with exceptional cybersecurity entrepreneurs worldwide. For more information, please visit www.forgepointcap.com or follow us @ForgePointCap.
Media Contact: Leslie Kesselring, Kesselring Communications for Cloudentity, leslie@kesscomm.com
SOURCE Cloudentity
