Opal Security, a cybersecurity startup specializing in automated identity access management, has successfully raised $22 million in a Series B funding round. The round was led by Battery Ventures, with participation from Greylock and Box Group. With the latest funding, Opal’s total investment now stands at $32 million.
Opal Security, a cybersecurity startup specializing in automated identity access management, has successfully raised $22 million in a Series B funding round. The investment will be used to expand the team, scale customer support, and accelerate product development. Opal differentiates itself through its analytics and AI features aimed at preventing identity-based threats, attracting large brands such as Databricks, Scale AI, and Figma.
Investment to Drive Expansion and Product Development
The recently secured funding will primarily be utilized to further expand Opal’s team, which currently consists of 30 employees. The company aims to double its workforce by the end of 2024. Additionally, the funds will be allocated towards scaling Opal’s enterprise customer support organization and accelerating product development.
Opal’s CEO and founder, Umaimah Khan, explained that the company plans to invest in the development of new visualization and AI-powered tools. These tools will focus on identifying and mitigating risks associated with identity and access.
Addressing the Need for Scalable Access and Identity Orchestration
Opal’s suite of solutions offers companies a centralized view and control over employee access to internal tools, apps, platforms, and environments. The platform allows customers, including organizations with thousands of employees, to automate access policies through policy workflows and approval flows.
While Opal faces competition from incumbent vendors such as Okta, as well as other players like Veza, SailPoint, Cyber-Ark, and Saviynt, the company differentiates itself by focusing on providing analytics and AI features that aim to prevent identity-based threats. Khan believes that this unique approach will attract more companies to choose Opal’s solution.
Strong Customer Base and Growth
Opal has experienced significant growth, with its annual recurring revenue increasing fourfold since its series A funding round in June 2022. The company serves around 40 top brands, including Databricks, Scale AI, and Figma.
Opal’s platform addresses the challenges of scaling access management in complex enterprise environments, which is a major pain point for technical decision-makers across industries. The company’s solution provides usable and scalable data and workflow processes for identity access management, offering CISOs and CSOs the tools they need to efficiently view and control their systems.