Strata secures $26M series B financing
New round of funding to scale Maverics platform and accelerate go-to-market initiatives: I’m excited to announce an enormous milestone for Strata and the Identity Orchestration market. Today, we’re announcing our Series B financing of more than $26M to support Strata Identity’s rapid growth and to keep pace with the rapidly emerging next generation of identity for multi-cloud. Strata raised this new round of capital from new investors, Telstra Ventures, with support from existing investors Menlo Ventures and ForgePoint Capital…
The Cyber Hut Comment: This series B sees Strata’s total financing reach approximately $37.5 million in their quest to solve the cloud orchestration problem.
They have been around since 2019 and employ around 70 staff. What are they trying to do? They have a solution called Maverics, which aims to help manage the ever increasing sprawl of identity data across different locations - namely different cloud service provider (CSP) and SaaS applications. Silo’s exist and visibility and governance becomes hard to manage. Their Maverics “Identity Orchestration” platform aims to create an identity “fabric” (see Kuppinger Cole for more on that) which can glue these systems together.
Strata also run the open source project called IDQL - identity query language. The Cyber Hut wrote an article on this back in October 2022. IDQL is essentially an agnostic approach of trying to normalise the identity and permissions data from one cloud provider to another. So for example, identity data from Google, could be exported into IDQL, managed, altered and edited and pumped into say AWS.
The press release claims revenue has increased 380% in the last year, but that may indicate a small start. Strata have an interesting value proposition - that many existing identity platforms are unlikely to be able to deliver in the short term.
The problem of hybrid or multi-cloud environments is only likely to continue into 2023 and beyond.
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