Madison Genthry 
US-based strongDM recently announced that it had secured US$ 54M in Series B funding. This financing round was led by Stripes Group, with participation from existing investors, including Lightspeed Venture Partners and OpenView.
This new funding brings strongDM’s total raised to date to US$ 72M and will be used to further its ambition of becoming the industry’s go-to solution for infrastructure access and governance.
Overview of strongDM
US-based startup strongDM has recently secured US$ 54M in Series B funding, bringing the
total investment for the company to a staggering US$ 67.2M. Founded in 2016 and headquartered in San Francisco, strongDM provides access control and visibility across cloud, on-premises, and hybrid infrastructure. Its customers range from Fortune 500 companies to disruptive technology startups.
The Series B fundraising was led by Tiger Global Management LLC and included participation from Iconiq Capital, Redpoint Ventures, Summer VC, Storm Ventures, Y Combinator, and Bain Capital Ventures. The new funding will be used to further expand strongDM’s product development and market expansion efforts.
strongDM is one of the fastest-growing Enterprise Security Platforms that enable organizations to secure sensitive institutional data and accounts by managing access within their IT infrastructure. In addition, it provides a single platform for monitoring user activity across hybrid infrastructures, thereby improving security visibility and reducing the mean time to detect/time to fix incidents within 180 days or less of deployment.
Overview of Series B funding
Series B funding is the largest round of venture capital financing after the initial Seed or Series A rounds. It often comes from venture capitalists (VCs) looking for a larger share of equity in the company and a greater return on their original investments. As such, entrepreneurs must do thorough research and careful financial planning before pursuing Series B funding.
Series B funding is timed to give entrepreneurs enough capital to take their growing businesses to the next level while providing venture capitalists with an exit strategy at a higher valuation point. Strategies can include:
- Launching into new markets.
- Entering into strategic partnerships.
- Placing expansive marketing campaigns.
- Hiring key staff members that will help drive growth.
Recent news of US-based startup strongDM raising US$54M in their Series B round led by Insight Partners will help increase focus in this field. StrongDM provides access, and governance solutions focused on database activity monitoring (DAM). With the power and insight of strongDM technology at their fingertips, IT teams can accelerate innovation without jeopardizing security in today’s complex IT environments. This investment will be used to scale features and services that enable customers to save time and money managing access requests across distributed teams using different platforms and technologies—including infrastructure managed by Kubernetes—for better visibility and control over database access security in seconds.
Background
US-based tech startup strongDM has achieved a remarkable milestone after securing US$ 54M in Series B funding. The funding round was led by venture capital firm IVP, with participation from previous investors Accel, Costanoa Ventures, and Armonia Capital.
The company will use the capital to expand its customer success and engineering teams and drive further development of its platform.
Overview of strongDM’s history
Since its foundation in 2017, US-based startup strongDM has established itself as a cloud security and infrastructure solutions pioneer. strongDM enables secure access to data sources, servers, and applications without needing manual code changes or unique user experience.
Today, the company has raised US$ 54M in Series B funding and is rapidly scaling their product suite for customers across many sectors.
strongDM initially began as an open-source application framework built on Kubernetes. Since then, the team has grown from three co-founders to close to 50 people located around the world. Alongside its development of new products, strongDM was able to secure US$ 9M in Series A Funding from a syndicate led by Lightspeed Venture Partners in 2019. Recently, the startup completed a US$ 54M round of Series B financing, led by venture capital firm Bessemer Venture Partners with participation from existing partners Lightspeed Venture Partners, Sapphire Ventures and Workday Ventures.
The newfound financing will enable strongDM to meet the growing demand for advanced cloud security solutions across industries tackling complex IT challenges today. With this additional funding also comes strategic support through ongoing mentorship from world-class venture firms with expertise in modern technology stacks like Kubernetes and other relevant infrastructure technologies, as well as experience working with leading companies like Slack and Splunk who have experienced similar growth trajectories in recent years.
Overview of strongDM’s mission
US-based startup strongDM is a secure access platform that simplifies how businesses manage, control and audit access to resources. Their mission is to make companies better protected, compliant and productive through secure remote access. Founded in 2015, strongDM facilities enterprise security by providing simplified access for authorized users by utilizing tools such as Single Sign-On (SSO) authentication, Role-based Access Control (RBAC) authentication, and Multi-Factor Authentication (MFA).
The company recently announced that it had raised US$ 54M in a Series B funding round. This fundraise led by Sapphire Ventures with participation from Coastal VC, Amplify Partners, and SoftBank Investment Advisers, the last of whom was among strongDM’s original investors. CEO Rob Ashton said this financing will help them bring their product to more customers and address the challenges of properly securing data across hybrid networks.
US-based startup strongDM secures US$ 54M in Series B funding
US-based startup strongDM has secured US$ 54M in Series B funding, with investments from Tioga Capital, Skylake Capital, and Terra Ventures. This is an additional funding round from the previous Series A that closed in 2019, which had a total of US$ 17.85M raised.
This new round of funding puts an emphasis on the growing demand for strongDM’s solutions for remote access and privileged access management. So let’s dive deep into the investment details.
Overview of the investors
US-based startup strongDM announced the closing of their Series B funding round on June 8, 2020. The round was led by venture capital firm Glynn Capital and other participants included Insight Partners, Qualcomm Ventures and Base 10 Ventures. This brings their total investment to US$ 67.2 million to date.
Glynn Capital is an early-stage venture capital firm based in Menlo Park, California with over US$ 500 million under management. They’ve invested in companies such as BigML, Cockroach Labs, JFROG and others.
Insight Partners is a global venture capital and private equity firm that is best known for backing a wide range of technology businesses ranging from software to the internet of things (IoT). Notable investments include AppZen, Asana, Compose and Lucidworks among others.
Qualcomm Ventures is the investment arm of chip giant Qualcomm which has made investments in more than 550 companies globally within various industries including artificial intelligence (AI), automation and robotics.
Finally, Base 10 Ventures is a San Francisco-based venture fund seeking out new opportunities at the intersection of hardware and software with investments in companies such as 1QBit Inc., Conexiom Corporation among others. Money raised will be used to continue expanding their operations worldwide while also continuing to invest in product innovation by leveraging machine learning and AI capabilities across cloud environments.
Overview of the terms of the investment
US-based startup strongDM, Inc. recently raised US$ 54M in Series B funding, as part of a financing round led by Threshold Ventures and including ClearBridge Investments and OMERS Ventures, among other investors. StrongDM provides easy and secure access to servers and applications in multi-cloud environments, and this latest raise is expected to help the company accelerate the development of its products and expand its capabilities even further.
This Series B financing round was structured around common shares subscriptions with a net valuation of $250 million post-money, according to Crunchbase data. Investors purchased Series B common shares at a price of $10 per share from strongDM, with all other existing common stockholders participating in dilution on a 1:1 basis. Additionally, investors in this round received three year warrants exercisable for up to 2% additional equity at a rate of $19 per share when such options are exercised for cash or converted into common shares prior to their expiration date.
The funds raised are set to be used primarily for ongoing product development initiatives as well as technical marketing programs with an aim to capture the expanding distributed server market space across multiple industry verticals like finance, healthcare, education and government sectors globally. With this new capital injection, strongDM seeks to expand its geographic reach beyond the United States into Europe and Asia-Pacific markets as well.
Impact of the investment
US-based startup strongDM has recently secured US$ 54M in Series B funding and this investment has immense potential to revolutionize the way organizations secure and manage access to their data. This news has spread across the investment circles and shows the potential of strongDM to create long-term value for its investors.
Let us take a deeper look into the impact of this investment.
Overview of how the investment will be used
US-based startup strongDM has recently secured US$ 54M in Series B funding to expand its product offerings and operations. This round of investment was led by Insight Partners, with participation from existing investors including Highline Capital, Industry Ventures, and Y Combinator.
The new funding will be used to bolster strongDM’s continued growth, drive operational excellence and service the increasing demand of its API-driven cloud infrastructure that securely connects users with their applications in the cloud. The company plans to use the additional funds to double its employee count, build out its channel and partner ecosystems, increase marketing initiatives and strengthen global presence by expanding into strategic markets.
Furthermore, the company also aims at investing in strategic acquisitions as well as continuing to advance their product capabilities around centralizing user access security for hybrid environments in today’s digital world. By simplifying access control for remote connections such as SSH or postgresSQL, strongDM will continue developing their industry leading software solution which is beyond traditional VPN technology or identity provider solutions, offering customers a centralized authentication platform to manage all users’ remote access security needs from one dashboard.
Overview of the expected impact of the investment
The recent US$ 54M Series B funding round for US-based startup strongDM presents an exciting opportunity to assess the potential impact of their expansion and product development plans. In securing this significant investment, strongDM can pursue greater growth, product innovation and adoption of their cloud access security broker (CASB) and privileged access management (PAM) services.
For many existing customers, this increased capital will enable increased accessibility of their services across multiple industries. This includes a wider range of businesses in retail, finance, education and healthcare which will benefit from the suite of features available with strongDM’s high-security server management and application integration solutions. These efficient yet easy to deploy solutions are expected to provide improved visibility into user access processes while safeguarding customer data from malicious threats.
Additionally, strongDM’s acquisition of additional capital will also play an instrumental role in enabling continued rapid expansion within new territories by leveraging the extensive resources available through this financing. This can be used to hire additional staff potentially across marketing and product engineering verticals which may help to facilitate further technical progress in scaleable cloud-based access management products for enterprise customers around the world. Finally, beyond just providing a source for additional growth funds, this fund raising is likely to raise awareness about the company which should help improve marketing efforts within target sectors as well as propel them towards future success.
Conclusion
US-based startup company strongDM has successfully secured US$ 54M in Series B funding, which marks a pivotal moment for the company. This investment is indicative of the growing demand for strongDM’s features, which have enabled better control over the access of sensitive resources for enterprise users.
It is safe to conclude that strongDM will continue to provide quality solutions to their users.
Summary of the investment
U.S.-based startup strongDM, an infrastructure-access management provider, recently secured US$ 54 million in a Series B funding round led by Andreessen Horowitz and GV, formerly known as Google Ventures. The investment was accompanied by existing investors, including Battery Ventures, Redpoint Ventures and Menlo Ventures. The round brings the total funding raised by strongDM to date to US$ 77 million.
The latest investment highlights strongDM’s growing popularity among Fortune 500 companies and signals the confidence of major investors in its business model and potential to help organizations overcome challenges in managing critical infrastructure access controls. According to co-founder Dmitriy Samusik, this funding will be used primarily toward further customer success initiatives. By utilizing its platform to rapidly deploy remote access permissions and centralizing all user activity with audit logs and automated workflows, strongDM aims to provide more secure data governance for organizations with complex compliance requirements.
Summary of the impact of the investment
The US-based startup strongDM recently closed a Series B funding round, raising a total of US$ 54M from investors. The round was led by venture capital firms Insight Partners and ICONIQ Capital, with participation from Bessemer Venture Partners, Foundational Capital, 8VC and others.
This investment news has generated much enthusiasm in the tech space, signalling an expected and significant growth for strongDM. With the new funds, the company plans to expand its engineering and product teams as well as its customer success function, in order to ramp up support for current and future customers. This development puts a spotlight on the value of data access and data control solutions broad market potential across industries – now more than ever.
The funding also creates exciting opportunities for strongDM to further invest in product innovation while building new integrations with data sources like databases, cloud services, and DevOps tools such as Kubernetes clusters. It is anticipated that these developments would accelerate their already high rate of product adoption among organizations worldwide who are looking for secure solutions to manage complex hybrid cloud environments.
Clearly reflecting their investors’ confidence in the company’s potential, the Series B funding gives strongDM an important boost in terms of fiscal resources – one that will help them realize their vision of revolutionizing privileged access security management worldwide.
