Oasis Security, a top provider of Non-Human Identity Management (NHIM) solutions, has recently announced that it has raised $35 million in a Series A Extension funding round. This comes just three months after the company emerged from stealth. The round was co-led by existing investors Accel, Cyberstarts, and Sequoia Capital, and it has doubled the company’s Series A valuation. To date, Oasis has raised a total of $75 million.
The exponential growth of Non-Human Identities used for workload-to-workload access, including system accounts, secrets, keys, and tokens, has created a new attack vector. Malicious attackers are exploiting this vulnerability with increased efficacy, leading to harmful results. Recent breaches involving prominent and security-aware organizations further underscore the magnitude of the risk and the need for an effective and robust strategy for NHI governance. This has been confirmed by the key findings of the Cyber Safety Review Board Releases Report on Microsoft Online Exchange Incident from Summer 2023, which was recently released by the U.S. Department of Homeland Security.
“We are witnessing an unprecedented identity security crisis where non-human identities are at the epicenter, with severe business repercussions for many organizations. Security and identity teams are left alone in uncharted territory, as other tools lack the ability to provide holistic visibility, posture, and governance of NHIs across the hybrid cloud,” said Danny Brickman, Co-Founder and CEO, Oasis Security. “In recent months, the market validated the need for a new approach that solves this critical issue, resulting in robust business momentum for us at Oasis. We are excited for the vote of confidence expressed by our investors and are thrilled to continue changing the paradigm of identity management accelerating our product development.”
Oasis offers a comprehensive enterprise platform that manages and secures Non-Human Identities (NHIs). The platform is specifically designed to meet the unique requirements of NHI management, making it easy and efficient to secure them at scale. By connecting Oasis to their environment, customers can achieve a holistic contextual visibility in minutes without the need for agents. Built-in analytics continuously monitor how NHIs are used, providing critical information to operators on owners, consumers, accessed resources, privileges, and risk posture based on customizable policies. Oasis also generates a severity score for each identified issue, helping to shorten the time taken for resolution. Additionally, it provides tailored remediation action paths that automate tasks and orchestrate responses across teams.
Oasis plans to use new funds to invest in its R&D and Go-To-Market functions, accelerating the execution of its ambitious product roadmap, and bringing its game-changing platform to more organizations.
“As non-human identities begin to dramatically outnumber human ones, enterprise security teams need to tackle this new threat vector with urgency,” said Bogomil Balkansky, partner at Sequoia Capital.” The Oasis team has built the leading platform for non-human identity management and it is seeing tremendous response from customers. We’re excited to double down on our commitment to Oasis as they establish themselves as the leaders in this important market.”
“Danny and Amit spotted the security challenges CISOs were set to face with the rise of AI and automation early on,” said Andrei Brasoveanu, Partner at Accel. “The enterprise-grade platform the team has built, automating the lifecycle of non-human identities, has gained impressive traction over a short period of time and we’re excited for what lies ahead.”
“Danny and Amit embarked on a growth journey with the grand vision of rethinking identity governance. They observed how the significant shift to the cloud and rapid adoption of AI have crowned non-human identities as the largest attack surface for organizations, in a way that poses substantial risks due to inadequate management and security measures,” said Lior Simon, General Partner at Cyberstarts. “In recent months, the team has supported a rapidly expanding customer base, including several Fortune 500 companies, with a straightforward solution that delivers immediate value. Cyberstarts is excited to collaborate closely with Oasis on this journey of continuous growth.”
