Cloudentity, a provider of application security and identity-aware authorisation, has closed its Series A round on $13m.
ForgePoint Capital led the round, with contributions also coming from WestWave Capital.
With the new burst of funds, the startup aims to accelerate its growth and bolster its go-to-market efforts.
Inline with the deal, ForgePoint Capital managing director Sean Cunningham will join the Cloudentity board of directors.
Cloudentity provides identity-aware authorisation and application security solutions for the API space. Its cloud-native approach enables continuous contextual authorisation of APIs.
The cybersecurity company claims that APIs account for more than 80% of all web traffic and will be the most common attack vector for data breaches by 2022.
Cloudentity co-founder Nathanael Coffing said, “Emerging business models in the B2B2C and OpenBanking space necessitate API-driven distributed services protected by an authorization and governance solution like ours.
“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.”
The close of the Series A brings the cybersecurity company’s total equity funding to $15m.
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