Obsidian Security, a company that specializes in SaaS security and posture management (SSPM), has raised $90 million in a Series C funding round and increased its total financing to $119.5 million.
The move comes amid growing demand for cloud security posture management (CSPM) software tools, and growing MSP interest in SaaS security tools that can protect Microsoft 365 and other mainstream cloud applications.
With the Series C funding, Obsidian will accelerate the global expansion of its research and development and go-to-market teams, the company said. Obsidian also will grow its operations to meet the rising demand for SaaS security solutions globally.
A Closer Look at Obsidian
Obsidian provides an SSPM platform that organizations can use to detect and mitigate account compromises before their data can be exfiltrated, the company stated. The platform enables security teams to investigate threats within and across SaaS applications and find the best ways to remediate them.
In addition, organizations can use Obsidian's platform to manage user privileges based on individual and peer metrics, the company said. That way, the platform helps organizations optimize their security posture.
Organizations use Obsidian's platform to secure more than 4 million unique accounts around the world. Furthermore, Obsidian provides a partner program that lets MSSPs, MSPs and VARs integrate its platform into their offerings.
What Does the Future Hold for Obsidian?
Obsidian strives to create a shared-responsibility model for SaaS security, CEO Hasan Iman. To achieve this goal, Obsidian will continue to explore opportunities to empower security teams to detect cyber threats and improve their organizations' security posture.
Also, Obsidian looks poised for further growth. The company recorded "explosive revenue growth" in 2021 that included 5x growth in deals of $100,000 or more and will use its Series C funding to extend its reach in the global SaaS security market. Still, actual revenue and EBITDA dollar figures were not disclosed.
Meanwhile, competition may be looming on some fronts. For instance, Augmentt and SaaS Alerts each have growing momentum in the MSP partner channel. Also, SaaS data security startup DoControl has raised $30 million in Series B funding led by venture capital firm Insight Partners. Additional investors include the CrowdStrike Falcon Fund. Next up: DoControl is preparing an MSP partner program, the software startup disclosed.