Obsidian Raises $90 Million for SaaS Security Platform
Obsidian Security on Thursday announced raising $90 million in a Series C funding round, which brings the total raised by the company to $119.5 million.
The investment was led by Menlo Ventures, Norwest Venture Partners and IVP, with participation from Greylock, Wing and GV. Obsidian.
The money will be used to fund the global expansion of the company’s R&D and go-to-market teams.
Obsidian initially described itself as an “identity protection company,” but its offering is now described as threat and posture management solutions for SaaS applications — although the firm still appears to focus on identity-related security.
The company’s platform can be integrated with 16 popular SaaS applications, including SalesForce, Microsoft 365 and Workday.
“There’s a myopic focus on securing cloud infrastructure and company endpoints leaving a significant gap in the middle where users, data and business assets live — SaaS applications,” said Menlo Ventures Partner Venky Ganesan, who will join Obsidian’s board of directors.
“In our conversations with CISOs and CIOs we have seen a profound shift that legacy security and configuration tools are not enough to protect an organization’s most critical assets. We believe that Obsidian’s holistic approach to SaaS security will help define this category,” Ganesan added.