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Investors Bet $31 Million on Sphere for Identity Hygiene Tech

2022-11-30 10:30

Venture capital investors have invested another $31 million into Sphere Technology Solutions, a New Jersey startup building technology to help defenders manage identities and access to sensitive data.

Sphere, a woman-owned company led by Rita Gurevich, said the $31 million Series B was led by growth equity firm Edison Partners. Forgepoint Capital, the venture capital firm that led Sphere’s Series A, also invested in the new round.

The latest round brings the total raised by Sphere to $45 million.

Using a combination of technology and services, Sphere is used by security teams to manage and clean up excessive and unnecessary access to data. The company’s flagship software, called Sphereboard, is used to help improve data governance, security, and compliance across data, platforms, and applications.

[ READ: Identity Solutions Provider Saviynt Raises $130 Million ]

The product puts controls in place to secure an organization’s most sensitive data, create the right governance processes for systems and assets, and ensure organizations are compliant with cross-industry regulations.

The company plans to use the cash infusion to expand its SaaS product portfolio and ramp up work on channel ecosystem and alliances, and sales and marketing.

In a note accompanying the Series B funding announcement, Gurevich said the company has found traction in the tricky Identity Hygiene space, where corporate defenders struggle to ensure identities have access only to the required resources.

Related: BalkanID Raises $6M for Intelligent IGA Technology

Related: Identity Solutions Provider Saviynt Raises $130 Million

Related: Authomize Lands $6 Million Funding Round

Source: hcet-eneigyh-ytitnedi-erehps-noillim-13-teb-srotsevni/moc.keewytiruces.www

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