OverWatchID, a provider of cloud-based converged identity security solutions, has raised $2.5m in seed funding.
The seed round was led by WestWave Capital and Silicon Valley Data Capital and included IrishAngels Ventures, OCA Ventures, Rockies Venture Club and Copper River Advisors. It brings the company’s total fundraising to date to $4.5m.
OverWatchID plans to use the capital to invest in continuing R&D according to co-founder and CEO Andy Funk.
“The identity security market is projected to be more than $35bn by 2020, and OverWatchID’s identity security platform is well positioned to play a big role,” said Jim McLean, founder of Silicon Valley Data Capital. “We are very excited to help lead this funding round and are excited to participate in OverWatchID’s next growth phase.”
Founded in 2016, OverWatchID describes itself as cybersecurity company that solves identity-defined security issues with a ‘complete and cost-effective’ software solution that’s ‘fast to deploy and easy to manage’.
The company’s platform comprises privileged access management (PAM), single sign-on (SSO), multifactor authentication (MFA) and cloud access security brokering (CASB).
With OverWatchID PAM provides credential checkin/checkout, connection brokering and full session recording. Access and activity is also controlled and can be audited for compliance. OverWatchID SSO provides both standards based SSO and credential brokering, while OverWatchID CASB offers administrative credential check-in/checkout, connection brokering and full session recording for all cloud applications.
OverWatchID MFA claims to be that first line of defense, which extends into critical infrastructure to restrict lateral movement so security teams have more time to detect and counteract a security breach.
“OverWatchID is ready to disrupt the $27bn identity security market through their holistic identity security platform specifically built for today’s cloud environments,” added Warren Weiss, managing general partner, WestWave Capital. “Amidst a crowded field of legacy stand-alone vendors focused solely on very large enterprise companies, OverWatchID has emerged as the clear leader in the identity security market. We look forward to working with the OverWatchID team as they make identity security available for companies of all sizes.”
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