EMERYVILLE, Calif.–(BUSINESS WIRE)–Clear Skye® Inc. announced today that the company has completed a $14 million Series A funding round, bringing the company’s total funding to nearly $20 million since its first seed round in 2020. This latest investment has was co-led by Storm Ventures and Toba Capital with participation from Point Field Partners and Inner Loop Capital.
The company will use these funds to expand its team, its global presence, and continue to reinvent the approach to corporate identity governance and security. To achieve this, the company expanded its leadership team by welcoming a new CMO, Erin Duncan, who previously led product marketing at Saviynt; Jackson Shaw, chief strategy officer, who led product management at Dell, One Identity and Forcepoint; Mike Tierney, Senior Vice President, Customer Success; and Jen Ilsley, vice president, HR and operations. Arun Penmetsa, Partner at Storm Ventures, will join Clear Skye’s Board of Directors.
This news follows Clear Skye’s record growth in 2021, driven by demand for improved data compliance, workflow management and security to meet the needs of a workforce distributed and cloud-centric. Strategic, customer-focused product updates and new features helped the company increase revenue 5x last year. As a result, the company’s growing customer base includes ABB, West Fraser, Blackhawk Network, Premise Health, and many others who use Clear Skye to power their identity strategies.
“As the only IGA solution built natively on ServiceNow, Clear Skye has the unique ability to eliminate business process frictions related to application access governance, while increasing efficiency and prolonging the investments of our customers into their existing commerce platform,” said John Milburn, CEO, Clear Skye. “Efficient and easy to use, Clear Skye eliminates the burdens associated with massive technology overhauls and starts delivering value immediately.”
“Today, workers have access to many other applications, which poses a challenge for identity and governance teams tasked with access control, compliance management and individual threat monitoring and for enterprise scale. Clear Skye meets this need via a modern platform without the pain of replacing legacy IT systems,” said Arun Penmetsa, partner at Storm Ventures. “Our investment in the business reinforces our belief in the value of extending identity beyond risk and security to embrace improved IT operations and workflows that improve overall business outcomes.”
The identity security market is expected to reach over $11 billion by 2025, but today it is dominated by siled and on-premises solutions. In fact, 76% of customers are looking to replace their existing IGA solution, according to Gartner. It’s easy to see why; on average, it takes an organization days to weeks to remove access and weeks to months to audit. Clear Skye enables companies to perform these functions in just hours, giving employees what they need to do their jobs and avoiding organizational silos that lead to disconnected or compromised data.
“Since working with Clear Skye, we have been able to simplify, standardize and automate a manual process that took countless hours, dozens of spreadsheets and hundreds of manual emails,” said Suneetha Golla, Director , Identity and Access Management, Premise Health. “Not only have we been able to reduce costs and increase security, but we have also dramatically improved the lives of our team members responsible for user access. »
Clear Skye’s industry recognition includes being named the first Gartner Cool Vendor in Identity-Driven Security and a place in the analyst firm’s Heat Index for “SaaS Delivered IAM” in the Security, Risk and Identity Management category. In the second quarter, the company will release results from its first “State of Identity Management Report” in partnership with research firm Gradient Flow. The research will help shed light on the benefits, trends and challenges practitioners face when is about managing identity.
To learn more about Clear Skye, visit https://clearskye.com/.
About Clear Skye
Clear Skye is the only identity security and governance solution built natively on ServiceNow. The company is reinventing enterprise identity access and risk management by enabling organizations to use a familiar interface, provide deeper identity control and insight, and build a bridge between business and computing. By reducing silos between functional areas such as HR, IT, SecOps and GRC, Clear Skye reduces friction, increases efficiency and accelerates return on investment. Global customers trust Clear Skye for their identity lifecycle management, governance and security initiatives. For more information, visit https://clearskye.comand follow us on LinkedIn and Twitter.
About Storm Ventures
Storm Ventures is an early-stage venture-focused fund based in Silicon Valley. For over 20 years, Storm Ventures has been the first investor(s) in category leading companies such as Talkdesk, Workato, MobileIron, Marketo, Airespace, Tekion, Pipedrive, Algolia, Salesloft and many more. The company has invested in more than 150 companies in cybersecurity, healthcare, infrastructure, marketing, human resources, sales and other business areas. Across 6 funds, Storm Ventures has generated leading returns for investors and developed a unique strategy to identify, invest in and grow world-leading companies.
About Toba Capital
Toba Capital is a unique LP early-stage investment firm committed to helping build amazing technology companies. He seeks companies capable of long-term growth and teams with the potential to fundamentally transform markets for the greater good. Toba Capital was founded in 2012 by Vinny Smith and has offices in Los Angeles and Newport Beach, California. For more information, see www.tobacapital.com
About Inner Loop Capital
Inner Loop Capital is an early-stage venture capital firm investing in a range of enterprise technologies, with a particular focus on cybersecurity, cloud infrastructure and data analytics. Since 2015, Inner Loop and its CEO have invested in 15 cybersecurity start-ups. Inner Loop Capital is based in Baltimore. For more information, see www.innerloopcap.com.
About Point Field Partners
Point Field Partners is a family office in Baltimore that focuses on direct investments in venture capital, private equity and real estate. With a permanent capital base, PFP seeks to partner with management teams and other investors to create long-term value.