Cerby, a comprehensive access management platform for nonstandard applications, has announced the successful closure of a $17 million Series A funding round.
The funding was led by Two Sigma Ventures, with significant participation from Outpost Ventures, an investment platform of Neuberger Berman, along with other investors including Ridge Ventures, Founders Fund, Bowery Capital, AV8, Salesforce Ventures, Tau Ventures, Okta Ventures, Incubate Fund, and Ben Johnson, co-founder of Obsidian Security and Carbon Black.
Cerby addresses a unique risk in the identity and access management (IAM) market – that of nonstandard applications. These applications often lack support for common identity and security standards such as APIs, Single Sign-on (SSO), and protocols for automating employee onboarding and offboarding.
The need for securing nonstandard applications is increasingly crucial, as a study by the Ponemon Institute revealed that 52% of organizations have experienced cybersecurity incidents due to the inability to secure these applications.
Cerby’s platform aims to create a fully connected identity mesh that works for all types of applications, including on-premises, legacy, and cloud applications that may not support traditional standards.
Bel Lepe, CEO and co-founder of Cerby, expressed gratitude for the support from customers and investors. Cerby’s platform is designed to address the risks associated with nonstandard applications across various deployment scenarios. Their access orchestration engine focuses on making passwordless authentication a reality for nonstandard applications.
The Series A funding, totaling $17 million, brings Cerby’s total funding to $32.5 million.
The company plans to use the funds to scale its go-to-market efforts, enhance its access management solution for nonstandard applications, invest in generative AI for faster development and integration maintenance, and expand its international teams and customer support.
Founded in 2020, Cerby originally focused on managing access for marketing teams and later expanded to other sectors including sales, product, financial services, and healthcare applications. The company’s strategic investment in financial services aligns with the sector’s reliance on nonstandard applications.
In addition to fundraising, Cerby has become Okta partner-approved and filed patents to advance its intellectual property strategy.
The funding signals a strong vote of confidence in Cerby’s mission to revolutionize identity management for nonstandard applications, addressing a critical need often overlooked in the cybersecurity landscape.
