Digital ID security startup focused on cloud transactions pulls in $12M

Aug 9, 2023, 1:25 pm EDT | Jim Nash

Digital ID security startup focused on cloud transactions pulls in $12M

A June 2022 series A round of funding for cloud-access orchestrator ConductorOne was bumped out this week to $27 million. Felicis Ventures led the addition.

The venture firm and several angel investors put $12 million into the round, which already held $15 million placed last summer. The funding is destined for typical startup efforts: research, hiring engineers and building marketing muscle.

ConductorOne‘s total haul now is $32 million (counting a $5 million seed round).

ConductorOne has some attractive points to entice investors.

One is the company’s focus on end-to-end identity-securing software for cloud transactions. The company sees opportunity in growing hacks of cloud services, a sector that includes Amazon’s Web Services, GitHub and Salesforce.

ConductorOne CEO Alex Bovee and Chief Technical Officer Paul Querna, both veterans of access management vendor Okta, have said since founding the firm in 2020 that there is a lack of product coherence in the market. That makes defenses shaky and hard to manage, even for companies employing IAM software, multi-factor authentication, and single-sign on.

They say they are assembling relevant aspects of other product strategies to build a core platform of functions. In fact, the pair talks about having created a new digital identity security market called ID security posture management.

A cluster of platforms for digital identity orchestration have been launched of late, with Ping Identity as one example. Liminal says the trend could develop into a $115.9 billion market by 2027.