Cerby, the California-based access management startup founded in 2020, has garnered significant attention in the financial sector.
The firm, notable for its dedication to ensuring application security beyond the support of conventional identity providers, has successfully raised $17m in its latest Series A funding round.
Steering this noteworthy investment was Two Sigma Ventures. However, Cerby also secured backing from a slew of other investors including Outpost Ventures, AV8, Bowery Capital, Founders Fund, Incubate Fund, Okta Ventures, Ridge Ventures, Salesforce Ventures, and Tau Ventures.
Delving into the specifics, Cerby’s platform is not your run-of-the-mill access management system. Instead, it fills a pivotal gap in the market, catering to applications often left vulnerable because they don’t fall under standard identity providers. This innovative solution simplifies tasks such as offboarding and two-factor authentication (2FA) enrolment. Furthermore, it champions passwordless authentication and ensures organisations have a comprehensive view and command over applications introduced by employees.
A significant concern in the identity and access management (IAM) sector revolves around the risks associated with unconventional and isolated applications.
These applications, more often than not, do not conform to typical identity and security norms, thereby posing a potential risk. Cerby’s platform is tailored to mitigate these risks, proving beneficial for a diverse range of sectors, including financial services, healthcare, marketing, and sales. Impressively, it extends its support to both public SaaS and privately hosted applications.
The recent financial injection is poised to propel Cerby forward, with plans to speed up product innovation, bolster customer relations, channel investments into generative AI, expand team capacities, and upscale their market presence. Cerby CEO and co-founder Belsasar Lepe remarked, “Our platform is the only one that addresses nonstandard application risk across all deployment scenarios, including cloud, privately hosted and on-premises. All of which are unsupported by traditional identity and security tools.”
Previously, Cerby had already managed to amass a respectable $15.5m, which brings their total raised capital to a commendable $32.5m.
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