BeyondID, a cloud identity consulting agency, introduced a $9 million Series A right this moment led by Tercera. It marked the primary funding from Tercera, a agency that launched earlier this month with the objective of investing in service startups like Beyond.
The firm focuses on serving to clients handle safety and identity within the cloud, taking goal particularly at Okta prospects. In reality, the agency is a platinum accomplice for Okta. As they describe their targets, they help clients in quite a lot of areas together with identity and entry administration, safe app modernization, Zero Trust safety, cloud migration and integration companies.
CEO and co-founder Arun Shrestha has a deep background in know-how together with working with Okta from its early days. Shrestha got here on board in 2012 as the pinnacle of buyer success. When he started, the startup was in early days with simply 50 prospects. When he left 5 years later simply earlier than the IPO, it had over 3500.
Along the best way, he gained a singular stage of experience within the Okta software set, and he determined to put that to work to help Okta prospects implement and maximize Okta utilization, particularly in corporations with advanced implementations. He launched BeyondID in 2018 with the intention of specializing in methods integrations and managing an organization’s identity within the cloud.
“We imagine we have gotten a managed identity service supplier, so managing something identity, something associated to cybersecurity. We’re serving to these corporations by being a one-stop store for corporations buying, deploying and managing identity companies,” Shrestha defined.
It appears to be working. The final couple of years the corporate revenues grew at 300% and because it matures, and the expansion charges settle a bit, it’s nonetheless anticipated to develop between 70 and 100% this yr. The agency has 250 prospects together with FedEx, Major League Baseball, Bain Capital and Biogen.
It at the moment has 75 workers serving these prospects with plans to develop that quantity within the subsequent yr with the help from right this moment’s funding. As Shrestha provides new workers, he sees constructing a various workforce as an important objective for his firm.
“Diversity is completely vital to our long run sustainable success, and it’s additionally the fitting factor to do,” he stated. He says that constructing a company that promotes ladies and other people of coloration is a key objective of his because the chief of the corporate and one thing he’s dedicated to.
Chris Barbin, who’s managing accomplice and founder at lead investor Tercera, says that he selected BeyondID because the agency’s first funding as a result of he believes identity is central to the notion of digital transformation. As extra corporations transfer to the cloud, they want help understanding how safety and identity work otherwise in a cloud context, and he sees BeyondID taking part in a vital position in serving to clients get there.
“BeyondID is in a quickly rising area and has a formidable buyer record that represents practically each business. Arun and the management workforce have a powerful imaginative and prescient for the agency, deep ties into Okta, and so they’re extremely captivated with what they do,” he stated.