Strata, a provider of distributed multi-cloud identity orchestration, recently announced the closing of a $26 million Series B round of investment, which was headed by Telstra Ventures and included previous investors Menlo Ventures, Forgepoint Capital, and Innovating Capital. MavericsTM, the first distributed identity orchestration platform created by the company, enables businesses to deploy contemporary cloud identity systems without having to rewrite existing applications, saving millions of dollars and years of manual migration.
Strata have already secured over $42M in funding and plan to utilize the rest of the money to expand its sales, marketing, go-to-market, and customer satisfaction efforts. The addition of Telstra Ventures General Partner Marcus Bartram to the board of directors was also announced. The identity and access management (IAM) market is a focus for Strata, and it’s expected to be worth USD 36.96 billion by the year 2030, growing at a CAGR of 14.12%.
A dream team of identity industry pioneers and specialists from Auth0, Oracle, RSA, Sailpoint, and Jumpcloud has been put together by the firm. In addition to leading the open-source Hexa project and IDQL standard for cloud identity policy orchestration, the founders of Strata contributed to the development of the now widely used SAML internet identity standard.
Almost every firm is attempting to use the benefits and capabilities of contemporary cloud services, but the majority of them are constrained by antiquated identification systems that can only be updated by meticulously hand-recoding each application. As a consequence, rebuilding programs to operate with contemporary cloud identity providers costs billions of dollars every year. With no modifications to the identity systems or the applications, Maverics from Strata allows any number of identity systems to collaborate as a single entity known as an Identity Fabric. Leading businesses depend on Strata for multi-cloud identity orchestration, including those in financial services, retail, government, telecommunications, and insurance.
Strata CEO Eric Olden commented, “Our ability to eliminate the greatest impediment to cloud migration and app modernization while saving clients millions of dollars has enabled us increase our recurring revenue more than 380% over the last year.” With the help of this fresh finance, Maverics can expand rapidly to keep up with the enormous demand in the industry. We are thrilled to have Marcus Bartram join our board, and we chose Telstra because of their proven expertise in identification through their work with Auth0, Crowdstrike, and Cloud Knox, among others.
