Cloud Security startup Cloudentity secured $13 Million Funding

Cloudentity, a Seattle based provider of cloud application security and identity-aware authorization solution, has now secured $13 million in Series A funding round.

Cloudentity is founded by the Nathanael Coffing in the year 1997. Cloudentity is a provider of Identity Aware Authorization and Application Security solutions for the API first economy, such as Open Banking, which enables continuous contextual, fine-grained authorization with policy enforcement at the API and service level.

Nathanael Coffing, Co-Founder, Cloudentity, said, "As enterprises move to the cloud, they are adopting distributed microservices and API-first applications, which present performance and security risks to identity and authorization platforms that are required to safely deploy applications. Emerging business models in the B2B2C and OpenBanking space necessitate API-driven distributed services protected by an authorization and governance solution like ours. Cloudentity sits at the convergence between Identity and Application Infrastructure, providing Continuous Contextual Authorization for zero trust API security. We are thrilled to have ForgePoint Capital and WestWave Capital behind us to help achieve this vision."

Sean Cunningham, Managing Director at ForgePoint Capital, said, "We're excited to lead the Series A financing round for Cloudentity and invest in its proven team and vision for Continuous Contextual Authorization. Cloudentity has amassed significant customer and industry partnership momentum. The company is executing on the promise of scaling API security and control policies to enterprises, which helps protect its customers against the new wave of API threats”.

The round, which brought the total funding to $15 million, was backed by the ForgePoint, with participation from the WestWave Capital.

Post funding, Sean Cunningham, the Managing Director at the ForgePoint Capital, will now going to join as the Cloudentity, Board of Directors team.

The company, as of now, has plans to use the new funds to accelerate company growth and go-to-market efforts.