Clear Skye Inc. announced that the company has completed a $ 14 million Series A funding round, bringing total funding for the company to nearly $ 20 million since its first seed round in 2020. This latest investment is co-led by Storm Ventures and Toba Capital with participation from Point Field Partners and Inner Loop Capital.
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“Effective and easy to use, Clear Skye eliminates the burdens associated with massive tech overhaul and starts providing value right away.”
The company will use these funds to expand its team, global footprint, and to continue rethinking the enterprise’s identity management and security strategy. To achieve this, the company expanded its leadership team to welcome a new CMO, Erin Duncan, who previously led product marketing at Saviynt; Jackson Shaw, Chief Strategy Officer, who led product management at Dell, One Identity, and Forcepoint; Mike Tierney, Senior Vice President, Customer Success; and Jen Ilsley, Vice President, HR and Operations. Arun Penmetsa, Storm Ventures Partner, will join Clear Skye’s board.
This news follows Clear Skye’s record growth in 2021, driven by the need for enhanced data compliance, workflow management, and security to meet the needs of a distributed, cloud-first workforce. Strategic, customer-driven product updates and new capabilities have allowed the company to achieve 5x revenue growth last year. As a result, the company’s growing customer base includes ABB, West Fraser, Blackhawk Network, Premise Health, and more, which use Clear Skye to enable their identification strategies.
“As the only IGA solution built into ServiceNow, Clear Skye has the unique ability to remove friction from business processes related to application access management, while increasing efficiency and expanding investments of our customers on their current business platform, ”said John Milburn, CEO, Clear Skye. “Effective and easy to use, Clear Skye eliminates the burdens associated with massive tech overhaul and starts providing value right away.”
“Today, workers have access to many more applications, posing a challenge for identification and management teams responsible for access control, compliance management, and monitoring individual and enterprise threats- wide. Clear Skye meets this need through a modern platform without the pain of replacing legacy IT systems, ”said Arun Penmetsa, Partner, Storm Ventures.“ Our investment in the company reinforces our belief in the value of expansion. of identity beyond risk and security to embrace enhanced IT operations and workflows that improve overall business results. ”
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The identity security market is expected to reach more than $ 11 billion by 2025, but now, it is dominated by siloed, on-premises solutions. In fact, 76% of customers are looking to replace their existing IGA solution, according to Gartner. It’s easy to see why; on average, an organization takes several days to weeks to eliminate access and weeks to months to complete an audit. Clear Skye allows companies to perform these functions in just a few hours, empowering employees with what they need to do their job and avoid the organizational loopholes that lead to disconnected or compromised data.
“Since working with Clear Skye, we’ve been able to simplify, standardize, and automate a manual process that took countless hours, dozens of spreadsheets, and hundreds of manual emails,” he said. said Suneetha Golla, Director, Identity and Access Management, Premise Health. “Not only have we been able to reduce cost and increase security, but we’ve significantly improved the lives of our team members responsible for user access.”
Clear Skye’s industry recognition includes being an inaugural Gartner Cool Vendor in Identity-First Security and a spot on the analyst firm’s Heat Index for “SaaS Delivered IAM” in the Security, Risk and Identity Management category. In Q2, the company will release the results of its inaugural ‘State of Identity Management Report’ in partnership with research firm Gradient Flow. The research will help shed light on the benefits, trends, and challenges faced by practitioners when it comes to identity management.