Cybersecurity startup ConductorOne raised $15 million from investors to get its identity management software into the hands of more customers.
The Series A round comes about one year after the company, founded by Okta (Nasdaq: OKTA) alums, secured a $5 million seed round.
This round was led by existing investor Accel and included other existing backers Fuel Capital, Fathom Capital and Active Capital. New investors in this round are Garuda Ventures, Peter McKay and Guy Podjarny of Snyk; Cristina Cacioppo, CEO of Vanta; and Jack Naglieri, CEO of Panther Labs.
ConductorOne, which moved from the Bay Area to Portland last year, makes software for IT administrators and other security professionals who coordinate access to systems such as SalesForce, AWS or GitHub.
The company’s software automates access and permissions to applications and infrastructure in what would otherwise be a time-consuming and manual process. The company claims it can reduce workloads by 85% while providing needed security.
This capital will be used to boost company growth and hiring across product, engineering, customer success and sales and marketing. The startup currently has a team of 17 and expects to double by the end of the year.
The company’s product is available for customers and is being used by companies like Digital Ocean, according to a company spokesperson.
"With the explosion of the cloud, companies are struggling with identity sprawl: understanding and managing what identities exist and what systems and data they have access to," said CEO and co-founder Alex Bovee, in a written statement.
Bovee along with co-founder and CTO Paul Querna were both at security firm Okta working in the areas of authentication and zero-trust. It was there they saw the challenges facing IT professionals that the ConductorOne product is designed to solve.
