Reaching for the Clouds with Our $70M Series B Financing
Ermetic is proud to have closed our Series B financing, enabling us to continue building the best cloud security platform that focuses on what matters.
As you may have heard by now, we closed our Series B round of financing at $70M, bringing our total investments to $100M in under two years. To say I am proud would be an understatement. This round was led by our friends at Qumra Capital with support from new investor Forgepoint Capital and participation from our existing investors Accel, Glilot Capital Partners, Norwest Venture Partners and Target Global.
When we founded Ermetic two years ago, we saw then how the mass migration of business processes to the cloud was creating new security challenges for enterprises -- and this was even before the pandemic shifted the way we all work. Once a large percentage of the workforce moved to various combinations of remote work, the complexity of security issues increased exponentially.
We came together with the clear understanding that there was a gaping security hole in the ever expanding cloud. We saw that existing solutions were “copying” the old, on-prem security model, but PaaS calls for a new approach. Instead of silos, PaaS is an opportunity to create a holistic security solution that looks at the full risk context and enables customers to focus on what’s really important.
We also heard from cloud security professionals and executives that securing identities in environments like AWS, Azure and GCP was an urgent problem without good solutions. There were no tools out there that could make sense of thousands of identities, roles and access policies, or answer the number one question in cloud security: “Who can access my data?” We set out to reveal the toxic scenarios that put enterprise data at risk, and to help organizations implement zero trust and least privilege access across multi-cloud infrastructures. Over the past two years, we’ve evolved and honed our platform to provide what was thought impossible -- continuous security and risk reduction for the porous and dynamic cloud.
Most organizations have to stitch together disparate security tools and provide a limited view of cloud risk. We’ve combined Cloud Infrastructure Entitlement Management and Cloud Security Posture Management to provide the visibility and automation customers need to protect all their cloud platforms in one place. Our solution is apparently hitting the mark: our customer base has expanded 800%, and we now protect millions of resources. We are committed to providing more and more value for our customers, while building the best cloud security platform that focuses on what matters.
So what are our plans? This round of financing will enable us to grow our engineering team and also scale our sales and marketing operations in the US, Europe, the Middle East and Africa, and Asia Pacific. I’m also excited to report that Boaz Dinte, Managing Partner at Qumra, has joined our board of directors.
We’ve got a lot of ground to cover and we’ll continue to reach for the clouds, to bring our customers comprehensive cloud infrastructure security.