Cybersecurity newcomer Oasis has recently finalized another funding round, bringing in $35 million in Series A extension funds. Launched just the previous year, the startup has managed to double its valuation since their last funding round in August. The fast-tracked extension, supported by all current investors, aims to infuse Oasis with the additional capital needed to meet the growing demand from major clients. Oasis, specializing in the niche market of Non-Human Identity Management (NHIM), is on track to potentially surpass $10 million in revenue over the next year.
With the latest financial injection, Oasis’s total funding now stands at $75 million, which includes the initial $35 million raised in August 2023 and an earlier $5 million seed investment. The funding round saw participation from Accel, Cyberstarts, Sequoia Capital, and individual investors such as Snyk’s founder Guy Podjarni, and Michael Fay, CEO of Island, whose company recently secured $175 million at a $3 billion valuation.
Oasis initially maintained a low profile, postponing its fundraising announcement due to a wartime scenario that saw many of its personnel called up to reserves. Founded by Danny Brickman and Amit Zimerman, who crossed paths in their military service within Unit 81, Oasis now boasts a 50-person workforce. Brickman emphasizes that the latest funding will accelerate the development of their NHIM platform and assist in achieving ambitious sales targets. He notes the potential in building a platform in a market that is just beginning to heat up as larger companies recognize its importance.
The increasing use of Non-Human Identities for system interactions, including accounts, secrets, keys, and tokens, has opened up a new attack vector for malicious actors. High-profile breaches at companies like Microsoft, Cloudflare, Sisense, and Mercedes-Benz highlight the significant risks and the necessity for effective governance of non-human identities. The urgency of this issue is echoed in the U.S. Department of Homeland Security’s Cyber Safety Review Board Report regarding the Microsoft Online Exchange Incident from Summer 2023.
Brickman, now based in the U.S. to better serve customers, points out the crisis in identity security with non-human identities at the core, creating significant challenges for organizations. Tools currently available fall short in offering comprehensive visibility and governance of these identities, particularly across hybrid cloud environments. However, recent market response has confirmed the need for Oasis’s innovative solutions, leading to a strong business trajectory.
Lior Simon, General Partner at Cyberstarts, comments on the journey taken by Danny and Amit, highlighting their ambition to redefine identity governance in an era where cloud migration and AI adoption have increased the attack surface through non-human identities. According to Simon, Oasis has recently catered to a growing customer base, including top-tier corporate clients, providing a simple yet effective solution that offers immediate benefits.
