Oasis Secures $35M Series A Extension to Automate Non-Human Identity Security
*Amidst strong demand, the company has doubled its valuation in less than six months*
*NEW YORK, NY / ACCESSWIRE / May 1, 2024 / *Oasis Security, the leading provider of Non-human Identity Management (NHIM) solutions, announced today that it has raised a Series A Extension of $35 million, just three months after emerging from stealth. The round was co-led by existing investors Accel, Cyberstarts and Sequoia Capital, doubling the company's Series A valuation. Oasis has raised a total of $75 million to date.
*Amit Zimermann and Danny Brickman. Credit - Ben Itzhaki*
The exponential growth of Non-Human Identities used for workload-to-workload access, including system accounts, secrets, keys, and tokens, has created a new attack vector - which malicious attackers are exploiting with increased efficacy, leading to harmful results. Recent breaches involving prominent and security-aware organizations further underscore the magnitude of the risk and the need for an effective and robust strategy for NHI governance. This is confirmed by the key findings of the Cyber Safety Review Board Releases Report on Microsoft Online Exchange Incident from Summer 2023 recently released by the U.S. Department of Homeland Security.
"We are witnessing an unprecedented identity security crisis where non-human identities are at the epicenter, with severe business repercussions for many organizations. Security and identity teams are left alone in uncharted territory, as other tools lack the ability to provide holistic visibility, posture, and governance of NHIs across the hybrid cloud," said Danny Brickman, Co-Founder and CEO, Oasis Security. "In recent months, the market validated the need for a new approach that solves this critical issue, resulting in robust business momentum for us at Oasis. We are excited for the vote of confidence expressed by our investors and are thrilled to continue changing the paradigm of identity management accelerating our product development."
Oasis provides the most comprehensive enterprise platform to manage and secure Non-Human Identities. The Oasis platform was designed to meet the unique requirements of NHI Management, making it simple and efficient to secure NHIs at scale. Customers achieve holistic contextual visibility in a matter of minutes by connecting Oasis to their environment without the need for agents. Oasis built-in analytics continuously observe how NHIs are used, providing operators with critical information on owners, consumers, accessed resources, privileges and risk posture based on customizable policies. For each identified issue, Oasis helps shorten time to resolution by generating a severity score for prioritization and by providing tailored remediation action paths that automate task and orchestrate response across teams.
Oasis plans to leverage new funds to further invest in its R&D and Go-To-Market functions, accelerating the execution of its ambitious product roadmap and bringing its game-changing platform to more organizations.
"As non-human identities begin to dramatically outnumber human ones, enterprise security teams need to tackle this new threat vector with urgency," said Bogomil Balkansky, partner at Sequoia Capital." The Oasis team has built the leading platform for non-human identity management and it is seeing tremendous response from customers. We're excited to double down on our commitment to Oasis as they establish themselves as the leaders in this important market."
"Danny and Amit spotted the security challenges CISOs were set to face with the rise of AI and automation early on," said Andrei Brasoveanu, Partner at Accel. "The enterprise-grade platform the team has built, automating the lifecycle of non-human identities, has gained impressive traction over a short period of time and we're excited for what lies ahead."
"Danny and Amit embarked on a growth journey with the grand vision of rethinking identity governance. They observed how the significant shift to the cloud and rapid adoption of AI have crowned non-human identities as the largest attack surface for organizations, in a way that poses substantial risks due to inadequate management and security measures," said Lior Simon, General Partner at Cyberstarts. "In recent months, the team has supported a rapidly expanding customer base, including several Fortune 500 companies, with a straightforward solution that delivers immediate value. Cyberstarts is excited to collaborate closely with Oasis on this journey of continuous growth."
*About Oasis Security*
Oasis is the market-leading provider of non-human identity management. The shift to cloud, devops, and AI is fueling exponential growth of non-human identities opening up a new massive attack surface. Oasis pioneered the first enterprise-grade platform specifically designed to tackle the unique security and operational challenges of non-human identities, enabling security and engineering teams to bolster security posture, implement robust governance, and simplify compliance.
*Contact Information*
Tamar Harel
tamar@shalomtelaviv.com
*SOURCE:* Oasis Security
View the original press release on newswire.com.