Cybersecurity Startup Obsidian Raises $90 Million to Protect Companies’ SaaS Apps
Obsidian Security, a cybersecurity startup that looks to address security gaps in businesses’ software applications, has raised $90 million in Series C funding, the Newport Beach-based company announced Thursday.
Silicon Valley venture capital firms Menlo Ventures, Norwest Venture Partners and IVP led the round and were joined by existing investors Greylock, Wing and GV. The new funding takes Obsidian’s total capital raised to nearly $120 million.
Obsidian intends to use the money to widen the range of third-party software applications covered by its platform, the company told VentureBeat. Founded in 2017, the startup aims to fill security gaps in software-as-a-service (SaaS) applications used by businesses for functions like sales, payroll and human resource. Its platform is integrated with the likes of Salesforce, Workday, Github, Google Workspace and Microsoft 365—SaaS tools that saw a spike in adoption during the COVID-19 pandemic, as most companies shifted to remote and hybrid work models.
Obsidian’s executive team features cybersecurity startup veterans like CEO Hasan Imam, who previously served as Shape Security’s chief revenue and customer officer prior to its $1 billion acquisition by F5 in 2019. Other C-suite executives are formerly of cybersecurity firms like Carbon Black and Cylance.
As privacy and data security become increasingly important concerns in an ever-expanding tech world, more companies are turning to cybersecurity firms to protect their information. Santa Monica-based NVISIONx unveiled a nearly $5 million seed funding round in January to grow a business that already has Meta (formerly Facebook) as a client, while last month saw two Santa Barbara-based cybersecurity firms—Theta Lake and MixMode—raise sizable Series B rounds.