Obsidian Security announced $ 90 million in Series C financing led by Menlo Ventures, Norwest Venture Partners and IVP, with participation from current investors Greylock, Wing and GV. Obsidian, which has now raised $ 119.5 million in total financing, will add Menlo Ventures Partner Venky Ganesan to its board of directors.
A leader in the SaaS Security Posture Management (SSPM) category created by Gartner, Obsidian was founded in 2017 to help security and IT operations teams help bridge the security and compliance gaps created when business lines implement SaaS applications to run business -critical functions such as finance. , payroll, HR, sales and operations. The use of tools such as Salesforce, Workday, Github, Google Workspace, Microsoft 365, ServiceNow and Zoom only accelerated during the COVID-19 pandemic in organizations of more than 1,000 employees using more than 150 SaaS applications in average.
This need to secure the most important applications from external attacks, insider threats and misconfigurations, resulted in exploding revenue growth in 2021 for Obsidian. With 5x growth in deals of $ 100,000 or more last year, Obsidian has only just begun to address the SaaS security gap.
“There’s a myopic focus on securing the company’s cloud infrastructure and endpoints that leaves a huge gap in the middle where users, data and business assets live-SaaS applications,” said Menlo Ventures Partner , Venky Ganesan. “In our conversations with CISOs and CIOs, we saw a profound change that legacy security and configuration tools are not enough to protect an organization’s most important assets. We believe Obsidian’s holistic approach to SaaS security will help define this category. ”
Obsidian fills the gap left by traditional security solutions by analyzing state and activity data within and across all applications to help reduce over-privilege, optimize configurations, prevent exposure of sensitive data, and detect compromised accounts and insider threats. This protection is critical because according to Microsoft, 80 percent of employees use applications that may not comply with an organization’s security and compliance policies. The security challenge is further complicated by the thousands of integrations and plugins available for some of the world’s most popular applications.
“There is no comprehensive and contextual platform for securing third-party SaaS applications until Obsidian,” said Hasan Iman, CEO of Obsidian Security. “Not only are we enabling security teams to detect more threats and actively improve their security posture, we are bringing together all stakeholders in SaaS adoption-application vendors, service lines business, security and IT operations-to create a shared-responsibility model for SaaS security. The need for this has been demonstrated by the recent violation of Okta. We are honored to have investment partners such as Menlo, Norwest and IVP join us in our mission.