Cerby's $40M Funding Round: Transforming Identity Security
Cerby Secures $40M in Series B Funding for Growth
Cerby, a pioneering platform in identity security automation, has announced a substantial funding round of $40 million. This Series B financing is expected to propel the company into its next growth phase, marking a significant milestone in its journey.
The investment was led by DTCP, a prominent player in venture capital, along with contributions from important backers such as Okta Ventures, Salesforce Ventures, and Two Sigma Ventures. With this new capital, Cerby aims to enhance its entire suite of solutions and scale its operations significantly.
Expanding Solutions to Meet Growing Demand
The landscape of enterprise applications, encompassing SaaS, cloud, and traditional on-premise systems, has rapidly evolved. As a result, the demand for sophisticated identity security solutions that can autonomously manage these applications has surged. Cerby stands out as the first company to automate the complete identity lifecycle for applications that traditionally have been challenging to secure.
By providing a comprehensive solution that spans Enterprise Password Management (EPM), Identity and Access Management (IAM), Identity Governance and Administration (IGA), and Privileged Access Management (PAM), Cerby helps organizations extend their protection to applications and users that typical security tools may overlook.
Investing in Innovation and Market Expansion
The newly secured funding will enable Cerby to focus on expanding the Cerby Application Network, in response to rising customer demand. This expansion includes ongoing investments in the company's advanced AI capabilities, ensuring the platform remains innovative and extensible for various applications.
Furthermore, Cerby plans to enhance its operational scale, primarily targeting key markets across Europe and other rapidly developing regions. With increasing regulatory pressures and intricate enterprise environments, the need for effective security solutions that secure disconnected applications is becoming crucial.
Leadership Insights and Vision
Belsasar Lepe, co-founder and CEO of Cerby, expressed his excitement about this new funding round. He stated, "From day one, we've been focused on eliminating the operational burden and security risks posed by manual identity workflows. We aim to build a future where identity security is automated, ensuring no application is neglected and minimizing human error."
Meanwhile, Lance Matthews, a Partner at DTCP, stated his confidence in Cerby's potential. He emphasized, "The identity security industry is ready for transformation, and with a platform-centric approach, Cerby is at the forefront of this change. Our partnership is set to build upon their solid foundation and innovative vision."
Notable Growth Trajectory
Since the successful completion of its Series A funding less than two years ago, Cerby has demonstrated remarkable growth, achieving a tenfold increase in annual recurring revenue (ARR) and expanding its customer base by five times. Currently, the platform automates identity workflows across over 2,000 applications, serving more than 100 organizations worldwide.
Global brands are leveraging Cerby's innovative platform to streamline essential security workflows across their complex operational landscapes. These significant partnerships illustrate the platform's robust capabilities and the trust it has garnered from major players in various industries.
About Cerby and Its Unique Offerings
Cerby is dedicated to automating identity security for applications that are often disregarded by traditional tools. By complementing existing IAM, IGA, and PAM systems, Cerby provides a centralized governance framework that automates manual security tasks, enhancing visibility and control while reducing risks.
Founded in 2020, Cerby has quickly established itself as a key player in the identity security sector and is powered by esteemed investors who believe in its mission of transforming how identities are managed and protected in complex environments.
Frequently Asked Questions
What is Cerby's recent funding goal?
Cerby raised $40 million in Series B funding aimed at expanding its operations and enhancing its identity security solutions.
Who led the funding round for Cerby?
The funding round was led by DTCP with participation from various venture capital firms including Okta Ventures and Salesforce Ventures.
How does Cerby help organizations?
Cerby automates identity workflows across multiple applications, providing security for disconnected applications traditionally overlooked by standard tools.
What markets is Cerby targeting for growth?
Cerby focuses on expanding in key European markets while addressing growing needs in Middle Eastern regions with increasing regulatory demands.
What role does artificial intelligence play in Cerby’s solutions?
Cerby utilizes advanced AI technologies to enhance its platform, allowing for streamlined automation of identity management processes across diverse environments.
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