ConductorOne Expands Series A Funding to $27M to Launch Identity Security Posture Management Platform

Leading identity security provider banks additional investment to help modernize identity governance and privileged access management for IT and security teams.

PORTLAND, Ore., Aug. 8, 2023 /PRNewswire/ -- ConductorOne, Inc., the leader in identity security and access governance, announced today a $12M expansion of its Series A funding, led by Felicis. The company has witnessed substantial growth since its initial Series A funding announcement in June 2022, and is now managing access for customers including DigitalOcean, Ramp, Loom, Panther, DeepWatch, and more. These businesses leverage ConductorOne to automate and orchestrate user access to cloud apps and infrastructure through access reviews, self-service requests, just-in-time provisioning, and offboarding workflows. The additional investment will support the company's growth plans to drive the modernization of the Identity Governance and Administration (IGA) and Privileged Access Management (PAM) markets for cloud forward companies.

Traditional IGA and PAM solutions have failed to adequately address the needs of modern organizations because they were not built for the cloud era. Slow time to value, clunky implementation, and poor user experiences across siloed products has resulted in IT and security teams struggling to remain compliant and secure. IT teams are consumed with access request tickets and manual provisioning, while security teams deal with an increasing attack surface of standing permissions. The implementation of least privilege, considered a security best practice, has remained out of reach without a modernized approach. ConductorOne has positioned itself as the solution to these challenges by guiding, automating, and orchestrating access controls to enforce least privilege.

The extended Series A was led by Felicis and has participation from notable new angel investors including Travis McPeak (CEO and founder at Resourcely), Anna Westelius (Director of Security Engineering at Netflix), Jason Chan (Head of InfoSec at Netflix), Mark Hillick (Head of Security at Brex), Rohit Parchuri (CISO at Yext), Will Bengton (Senior Director of Security Engineering at HashiCorp), Shubham Raj (Staff Security Engineer at Coinbase), and Tom Alcock (Founder at CodeRed Partners). All of these investors bring extensive expertise and resources that will enable ConductorOne to further strengthen its position as a market leader.

This news comes hot on the heels of another update: the company recently announced its Cloud Privileged Access Management (CPAM) solution ––a major step forward in ConductorOne's ongoing mission to secure workforce identity and access. With ConductorOne CPAM, security engineering and IT teams can manage permissions and enforce policy for cloud resources in order to achieve least privilege access. The CPAM capabilities that now live within ConductorOne's unified platform make it possible to govern sensitive access to all cloud infrastructure systems – like AWS, GCP, Azure, Snowflake – without getting in the way of productivity for technical users.

Here's what investors and current customers are saying about ConductorOne:

"Any solution that helps companies achieve least privilege has to have little to no impact on workforce productivity," said Jake Storm, Partner at Felicis, "ConductorOne is building a multi-product platform that delivers just that – least privilege access with a seamless user experience powered by automation."

Heather Cannon, Infrastructure Security Manager at DigitalOcean, expressed her appreciation for ConductorOne's approach, stating, "ConductorOne is innovating in an area underserved by the technology industry, and solving problems a lot of teams have to do manually. That has a really big value for DigitalOcean. We knew that we wanted everything to be automated, we didn't want to do anything manually. That didn't exist anywhere in the market."

Paul Yoo, Head of Security Assurance at Ramp, emphasized the importance of ConductorOne's collaboration and problem-solving capabilities, saying, "The fewer people who have access to customer data and the less time they have to access that data, the more that our customers can trust that their data is secure. We found that ConductorOne is willing to collaborate with us and help us solve some of our most difficult challenges when it comes to access management across the company."

To get in touch with ConductorOne, reach out at [email protected].

About ConductorOne
ConductorOne helps organizations secure their workforce identities through modern access controls and governance. Security and IT teams use ConductorOne to automate user access reviews, identify and remove unused access, and save time with access requests. Forward-thinking companies like DigitalOcean, Ramp Financial, Loom, Panther, and DeepWatch trust ConductorOne to achieve least privilege and ensure compliance. For more, visit www.conductorone.com.

About Felicis
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early-stage investments and currently manages over $3B in capital across 9 funds. The firm is an early backer of more than 41 companies valued at $1B+. More than 91 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon), and Shopify (IPO). The firm is based in Menlo Park, CA. Learn more at www.felicis.com.

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SOURCE ConductorOne

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