SPHERE, a pioneer in identity hygiene, announced today a $31 million Series B investment led by Edison Partners, a leading growth equity firm based in Princeton, with participation from existing investor Forgepoint Capital. Edison General Partner Lenard Marcus will join SPHERE’s board of directors as part of the agreement.
As the number and severity of cyberattacks increase, Identity Hygiene has become critical to enterprise security, digital transformation, and mandatory compliance. The growing need to ensure identities have access to only the resources they require is a direct result of the rise in ransomware attacks and bad actors who take advantage of open and unmanaged access.
SPHERE immediately reduces the attack surface of these threats by delivering expertise to accelerate these critical programs through an automated platform that provides visibility and remediation of identity hygiene risks, as well as tech-enabled managed services. SPHERE’s existing customers include some of the world’s largest and most highly regulated businesses, including financial institutions, healthcare providers, and others. SPHERE will use this investment to expand its SaaS offering, channel ecosystem and alliances, and sales and marketing in order to accelerate growth.