[ad_1]
Strata has completed a $26 million Series B funding round led by Telstra Ventures, with participation from existing investors Menlo Ventures, Forgepoint Capital and Innovating Capital.
The company developed Maverics, a distributed identity orchestration platform that enables organizations to adopt modern cloud identity systems without rewriting applications, saving millions of years of manual migration.
Strata has raised more than $42 million in funding to date, and will use the additional funding to further expand sales and marketing, as well as address go-to-market and customer success initiatives.
The company also announced that Marcus Bartram, general partner of Telstra Ventures, has joined its board of directors. Strata tackles the Identity and Access Management (IAM) market, which is projected to reach US$36.96 billion by 2030 at his CAGR of 14.12%.
The company has assembled a dream team of identity industry pioneers and identity experts from Auth0, Oracle, RSA, Sailpoint and Jumpcloud. The founder of Strata helped create the now ubiquitous SAML internet identity standard and spearheaded the open source Hexa project and his IDQL standard for cloud identity policy orchestration.
Almost all organizations are working to take advantage of the efficiencies and capabilities of modern cloud services, but most are stuck with legacy identity systems that can only be replaced by manually recoding each application. Fixed. As a result, billions of dollars are spent each year rewriting apps to work with modern cloud identity providers.
Strata’s Maverics is a global platform that allows any number of identity systems to work together in a unified whole called Identity Fabric, without making any changes to identity systems or applications. Leading companies across a wide range of industries, including financial services, retail, government, telecommunications, and insurance, rely on Strata for multi-cloud identity orchestration.
Strata CEO Eric Olden said:
“This new funding round gives us the resources to scale and meet the huge market demand for the Mavericks platform. We are thrilled to welcome Marcus Bartram to our Board of Directors because of their experience and track record,” continued Olden.
Marcus Bartram, general partner at Telstra Ventures, said:
“We believe a first-of-its-kind identity orchestration platform has the potential to break decades of customer vendor lock-in and propel Strata to the top of the identity market leaderboard.” I’m sure,” added Bartram.
[ad_2]
Source link
