News
SPHERE Receives $31 Million for Series B Funding from Edison Partners, Forgepoint Capital
November 2022 by Marc Jacob
SPHERE Technology Solutions announced a $31 million Series B investment led by Edison Partners, a Princeton-based leading growth equity firm, with participation from existing investor Forgepoint Capital. As part of the transaction, Edison General Partner Lenard Marcus will join SPHERE’s board of directors.
As cyberattacks escalate in number and severity, Identity Hygiene has become foundational to enterprise security, digital transformation, and mandatory compliance. The increasing needs around ensuring identities have access to only the required resources has been in direct response to the rise in ransomware attacks and bad actors who take advantage of wide open and mismanaged access.
SPHERE immediately shrinks the attack surface of these threats through an automated platform that provides visibility and remediation of identity hygiene risks along with tech-enabled managed services, delivering expertise to accelerate these crucial programs. SPHERE’s current customers are some of the largest and most highly regulated organizations globally, ranging from financial institutions to healthcare providers and more. With this investment, SPHERE will expand its SaaS offering, channel ecosystem and alliances, and sales and marketing to accelerate growth.
For over 13 years, SPHERE has enabled IT and Security teams to adopt a Zero Trust model by finding and fixing any type of identity access issue across any resource—in a fraction of the time these complex capabilities would take manually. The platform SPHEREboard provides an end-to-end workflow for end-user and privileged account controls, across cloud and on-premises systems and infrastructure, remediates open, excessive and inappropriate access, and provides an evergreen path for sustainability.
