The distributed multi-cloud identity orchestration company, Strata closed an $11 million Series A funding on 16th February 2021. This funding was supported by ForgePoint Capital and Led by Menlo Ventures. The company co-founders have also co-authored the SAML standard for providing Single Sign-on between websites (SSO) and Cross-Cloud Identity more transparently.
This company has developed Maverics, the first platform in distributed identity orchestration within the identity and access management industry. Strata have come up with a solution to the problem of maintaining identity and security in a distributed cloud environment. This company has developed a distributed Identity Fabric that links more than one cloud identity system along with older data center systems so they can be assumed one. This technology has benefitted the $142B cloud migration and adoption industry and the $ 12B IAM industry.
Strata have been recently named as the Cool Vendor due to its efficiency in Identity Access Management and Fraud Detection by research and advisory firm Gartner. This company has stated that migrating to the cloud can be challenging. Strata can provide the architecture for identity orchestration that will help lift and shift without any rewrites or re-engineering of architecture. This will ultimately lead to the rapid adoption of cloud platforms.
The CEO of Strata, Eric Olden, has mentioned that the cloud platform has given rise to an identity management crisis because organizations are forced to manage different cloud provider systems and on-premises systems to implement security policies. Identity orchestration helps create a facility that enables customers to use other identity technological advancements on various clouds without sacrificing customer experience, customer security, and rewriting applications. This has created an enormous market opportunity for the company, and the present funding will enable it to tap into that opportunity.
Venky Ganesan, Partner at Menlo Ventures, said that Strata handles a significant pain point for most organizations. This issue gets more complicated as more applications are migrated to the cloud. However, Strata can transform the cloud identity space completely.
Strata have recently been nominated for membership with Microsoft Intelligence Security Association (MISA) to integrate Azure Active Directory (Azure AD) with Maverics Identity Orchestration. This system enables users to transform applications closely interlinked with legacy identity systems like Oracle Access Manager or CA SiteMinder to Azure AD without changing the user experience.
This company deals with venture capital that supports companies like Rover, Roku, Poshmark, Harness, Chime, Warby Parker, Uber, and Carta. The portfolio of this company includes public companies and almost 150 merger and acquisitions, and this company currently has $5.5 billion under management. This company has expertise in Healthcare, Enterprise, and Consumer. Menlo Ventures can impact entrepreneurs who need it the most by investing in every stage within every sector.
Strata have developed the concept of identity orchestration for more than one cloud platform and distributed identity. The Strata Identify Fabric helps companies to merge cloud-based and on-premise authentication that can help in identity management for multi-cloud platforms.