Cyber startup Oasis secures $35 million Series A extension, doubles valuation
Cyber startup Oasis secures $35 million Series A extension, doubles valuation
The Israeli startup’s solution aims to tackle the exponential growth of Non-Human Identities which malicious attackers are exploiting with increased efficacy
Cybersecurity startup Oasis has completed its second fundraising round in less than a year. Established in 2022, the company raised $35 million in a Series A extension, doubling its valuation compared to the previous round completed last August. The company explained that the reason for the extension is the desire to conduct a quick round, with all existing investors participating to inject additional capital into Oasis. Estimates suggest it may exceed a revenue rate of $10 million in the coming year, given the recent demands from large customers. Oasis operates in a new niche in identity management within organizations, focusing on Non-human Identity Management (NHIM) solutions.
In August 2023, the company raised $35 million, which together with the $5 million raised in the Seed stage and the latest extension brings its total fundraising to $75 million. The round was co-led by existing investors Accel, Cyberstarts and Sequoia Capital, along with private investors like Guy Podjarni, founder of Snyk, and Michael Fay, founder and CEO of Island, which recently completed a fundraising round of $175 million at a $3 billion valuation.
Until January, Oasis operated under the radar and delayed announcing its first fundraising due to the war, during which many of its employees were drafted into the reserves. The company was founded by Danny Brickman, CEO, and Amit Zimerman, CPO, who met during their military service in Unit 81. The company currently employs 50 people and Brickman states that the main goal of the current funding round is to accelerate the development of Oasis's non-human identity management platform and meet ambitious sales goals. "There is an opportunity here to build a platform in a field that still has almost no players. Now the big companies are starting to understand that it is a hot market and are trying to enter it," said Brickman.
The exponential growth of Non-Human Identities used for workload-to-workload access, including system accounts, secrets, keys, and tokens, has created a new attack vector - which malicious attackers are exploiting with increased efficacy, leading to harmful results. Recent breaches involving prominent and security-aware organizations, such as Microsoft, Cloudflare, Sisense, and Mercedez-Benz, further underscore the magnitude of the risk and the need for an effective and robust strategy for NHI governance. This is confirmed by the key findings of the Cyber Safety Review Board Releases Report on Microsoft Online Exchange Incident from Summer 2023 recently released by the U.S. Department of Homeland Security.
Brickman, who has relocated to the U.S. to be closer to customers, says, “We are witnessing an unprecedented identity security crisis where non-human identities are at the epicenter, with severe business repercussions for many organizations. Security and identity teams are left alone in uncharted territory, as other tools lack the ability to provide holistic visibility, posture, and governance of NHIs across the hybrid cloud,” said Brickman. “In recent months, the market validated the need for a new approach that solves this critical issue, resulting in robust business momentum for us at Oasis.”
“Danny and Amit embarked on a growth journey with the grand vision of rethinking identity governance. They observed how the significant shift to the cloud and rapid adoption of AI have crowned non-human identities as the largest attack surface for organizations, in a way that poses substantial risks due to inadequate management and security measures,” said Lior Simon, General Partner at Cyberstarts. “In recent months, the team has supported a rapidly expanding customer base, including several Fortune 500 companies, with a straightforward solution that delivers immediate value.”
