Total amount raised
$33.8 Millions
Latest funding date
12/01/2023
Location
Opal Security has successfully raised significant funding over multiple rounds, with its latest being a Series B round. The platform offers an AI-native identity security solution designed to enhance authorization for modern enterprises.
Keep reading to explore the intricacies of Opal Security's fundraising journey and the investors backing this innovative platform.
What Is Opal Security?
Opal Security, founded in 2020, is headquartered in San Francisco, California. The company was established by Naseem Al-Naji, Stephen Cobbe, and Umaimah Khan.
Opal Security offers an AI-native identity security platform designed to manage and secure identities within modern enterprises. The platform provides a consolidated view and control of identity and access across on-prem, cloud, and SaaS environments.
With a team of 11-50 employees, Opal Security aims to reduce access sprawl, manage identity attack surfaces, and enforce secure-by-default policies.
How Much Funding Has Opal Security Raised?
- Seed Round
- Amount Raised: $1.8M
- Date: October 2021
- Lead Investors: Greylock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Opal Security's identity access management solutions.
- Series A
- Amount Raised: $10M
- Date: June 2022
- Lead Investors: Greylock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the company and its identity access management solutions, evidenced by a 4x increase in annual recurring revenue.
- Series B
- Amount Raised: $22M
- Date: December 2023
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the global team, scale enterprise customer support, and develop new products, including AI tools to mitigate identity risk.
Total Amount Raised: $33.8M. Current Valuation: Not publicly disclosed.
Key Investors
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm that backs companies at all stages, from seed to growth and buyout. They have a strong presence in the technology sector and are known for their strategic investments.
- Investment Focus Areas: Technology, software, innovation-driven sectors.
- Notable Investments: Nutanix, Coupa Software, Datadog.
- Greylock
- Details: Greylock is a venture capital firm known for investing in early-stage technology companies. They have a long history of backing successful startups and helping them scale.
- Investment Focus Areas: Early-stage technology companies, enterprise software, consumer internet.
- Notable Investments: Airbnb, LinkedIn, Facebook.
- Box Group
- Details: Box Group is an early-stage investment firm that focuses on seed-stage investments. They are known for their involvement in the initial funding rounds of innovative startups.
- Investment Focus Areas: Seed-stage investments, technology, consumer products.
- Notable Investments: Stripe, Warby Parker, Flatiron Health.
What's Next for Opal Security?
Opal Security stands at the cusp of significant growth opportunities. With $22 million in Series B funding, the company plans to expand its global team, scale enterprise customer support, and develop new AI-powered tools for identity risk remediation. The increasing demand for identity security solutions, driven by rising cyberattacks and regulatory pressures, positions Opal Security to capitalize on these trends and further solidify its market presence.
Future fundraising opportunities appear promising as the company continues to demonstrate rapid growth, evidenced by a 4x increase in annual recurring revenue since its Series A round. This momentum could attract additional investment to support further scaling and product innovation. However, Opal Security may face challenges such as intense competition, managing complex security needs in large organizations, and navigating a declining venture capital landscape in the cybersecurity sector.
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