Strata has closed a $26M Series B round of financing led by Telstra Ventures with participation from existing investors Menlo Ventures, Forgepoint Capital and Innovating Capital.
The company has developed, Maverics, the distributed identity orchestration platform that enables organizations to adopt modern cloud identity systems without the need to rewrite applications, saving millions and years of manual migration.
Strata has raised more than $42M in financing to date and will use the additional funds to further scale sales and marketing, go to market activities and customer success initiatives.
The company also announced that Marcus Bartram, General Partner at Telstra Ventures has joined the company’s board of directors. Strata is addressing the identity and access management (IAM) market, which is projected to reach USD 36.96 billion by 2030 at a CAGR of 14.12%.
The company has assembled a dream team of identity industry pioneers and identity experts from Auth0, Oracle, RSA, Sailpoint and Jumpcloud. Strata’s founders helped create the now ubiquitous SAML internet identity standard, and have spearheaded the open source Hexa project and IDQL standard for cloud identity policy orchestration.
Virtually every organization is working to take advantage of the efficiencies and capabilities of modern cloud services, but most are locked into legacy identity systems that can only be replaced by manually recoding each application by hand. As a result, billions of dollars are spent each year rewriting apps to work with modern cloud identity providers.
Strata’s Maverics is a global platform that enables any number of identity systems to work together as a unified whole called an Identity Fabric, without making any changes to them or to applications. Leading enterprises in a wide range of industries, including financial services, retail, government, telecommunications and insurance rely on Strata for multi-cloud identity orchestration.
“Our ability to remove the biggest roadblock to cloud migration and app modernization, while saving customers millions of dollars in the process, has helped us grow our recurring revenue more than 380% in the past year,” said Eric Olden, CEO of Strata.
“This new round of funding gives us the resources to scale up and meet colossal market demand for the Maverics platform. We selected Telstra because of their experience and track record in identity with Auth0, Crowdstrike, Cloud Knox and others, and are excited to welcome Marcus Bartram to our board,” Olden continued.
“Strata is disrupting the traditional proprietary identity management model by making it possible for legacy and cloud identity systems to interoperate, all without the need to modify applications,” said Marcus Bartram, General Partner at Telstra Ventures.
“We believe the company’s first-of-its-kind identity orchestration platform has the potential to eliminate decades of vendor lock-in for customers and slingshot Strata to the top of the identity market leader board,” Bartram added.