Adaptive identity security firm Oleria has successfully raised $33.1 million in a Series A funding round led by Evolution Equity Partners. The funding, which brings Oleria’s total funding to over $40 million, includes participation from Salesforce Ventures, Tapestry VC, and Zscaler. Oleria plans to utilize the investment to accelerate product innovation, particularly in the realm of artificial intelligence capabilities, and expand its workforce. The company’s CEO, Jim Alkove, underscores Oleria’s commitment to providing comprehensive visibility into access posture and autonomously mitigating access risks, drawing on the team’s extensive experience in building and operating security programs.
With a focus on addressing the prevalent issue of compromised identities in cybersecurity, Oleria’s mission is to revolutionize identity security. Industry data indicates that 80% of breaches involve compromised identities. Oleria aims to streamline identity security by offering context-based access policies that are continuous and consistent, aligning with the evolving needs of organizations leveraging interconnected SaaS applications and cloud infrastructure. The company’s unique approach to access management allows Chief Information Security Officers (CISOs) to protect data without impeding business agility, providing appropriate access to users based on specific contexts.
Key industry players, including Punit Minocha of Zscaler and Taher Elgamal of Evolution Equity Partners, express support for Oleria’s vision. Minocha emphasizes the importance of identity security in zero-trust security programs and praises Oleria’s mission to build an adaptive and autonomous future for identity security. Evolution Equity Partners’ Taher Elgamal highlights Oleria’s role in addressing a critical, unmet need in identity security, keeping pace with the evolving cybersecurity landscape. Oleria’s recent funding marks a significant milestone, showcasing the company’s rapid growth just 10 months after emerging from stealth mode, with plans for general availability of its solution in early 2024.
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