Opal Security, a Silico Valley cybersecurity startup providing an automated approach to identity access management, has successfully raised $22 million in a Series B funding round led by Battery Ventures, with participation from Greylock and Box Group.
Opal Security aims to revolutionize the access and identity orchestration platform, offering a consolidated view and control over employee access to internal tools, apps, platforms, and environments.
The recent funding brings Opal’s total funding to $32 million and will be used to double its 30-person team by the end of 2024, scale its enterprise customer support organization, and enhance product development. Opal’s suite allows companies to create policy workflows, automate access policies, and set approval flows for access requests.
The company plans to introduce a new suite of visualization and AI-powered tools to remediate identity and access risk.
Despite the general decline in cybersecurity investments, Opal Security has seen significant traction, with its annual recurring revenue increasing fourfold since the Series A round in June 2022. The company serves around 40 brands, including Databricks, Scale AI, and Figma.
Opal’s CEO and founder, Umaimah Khan, sees the ongoing market challenges as an opportunity for efficiency and resilience, and the latest funding will enable the company to invest in its team and product development.