Cloudentity Declares $13 Million in Funding from ForgePoint Capital to Deliver on API Access Control and Security Market

"As enterprises move to the cloud, they are adopting distributed microservices and API-first applications, which present performance and security risks to identity and authorization platforms that are required to safely deploy applications," stated Nathanael Coffing, Co-Founder, Cloudentity.

FREMONT, CA: Cloudentity, a cloud-based provider of application security and identity-aware authorization solutions, closed $13M in Series A round of financing led by ForgePoint Capital, with active participation from WestWave Capital. The company has raised total funding of $15 million. Coming off a record year of customer adoption and expansion, the new funds would be utilized to speed up the company's growth and go-to-market efforts. Sean Cunningham, Managing Director at ForgePoint Capital, is expected to join Cloudentity's board of directors.

"As enterprises move to the cloud, they are adopting distributed microservices and API-first applications, which present performance and security risks to identity and authorization platforms that are required to safely deploy applications," stated Nathanael Coffing, Co-Founder, Cloudentity.

APIs now account for more than 80 percent of all web traffic and are anticipated to be the most frequent attack vector for data breaches by 2022. Traditional identity security approaches do not have the granularity and scale to deliver the continuous user authorization required in a multi-cloud zero trust model. The problem is growing and causing enterprises to delay the release of applications or take risks.

Cloudentity solves these obstacles by delivering a new category of identity-aware authorization for multi-cloud environments to allow for a cloud-native approach to API Access Control. Cloudentity allows for continuous contextual, fine-grained authorization with policy enforcement at the API and service level. This approach empowers business' development teams to adopt cloud constructs faster by externalizing identity and authorization.

"Emerging business models in the B2B2C and OpenBanking space necessitate API-driven distributed services protected by an authorization and governance solution like ours," added Coffing. "Cloudentity sits at the convergence between Identity and Application Infrastructure, providing Continuous Contextual Authorization for zero trust API security. We are thrilled to have ForgePoint Capital and WestWave Capital behind us to help achieve this vision."