Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Access Governance Company SPHERE Raises $10 Million

New Jersey-based access governance company SPHERE on Thursday announced that it raised $10 million in a Series A funding round.

New Jersey-based access governance company SPHERE on Thursday announced that it raised $10 million in a Series A funding round.

The investment was led by ForgePoint Capital, with participation from private investors Omkhar Arasaratnam (formerly at JPMorgan Chase), Joel Caminer (formerly at TD Securities), Adnane Charchour (formerly at Scivantage), and Sounil Yu (formerly at Bank of America).

The money will be used to expand the company’s scope and capabilities, particularly on cloud platforms such as Office 365, and to expand managed services operations. Don Dixon and Will Lin, managing directors at ForgePoint, will join SPHERE’s board of directors following the investment.

Founded in 2010, SPHERE describes itself as a woman-owned cybersecurity business that provides access governance software and services for data, applications and platforms.

The company’s SPHEREboard automation platform can provide insights into an organization’s most sensitive data, prioritize and remediate privileged access violations, identify and remediate problematic Active Directory groups, and provide identity access management capabilities.

“As large organizations are honing in on the need to improve access controls, and they look to migrate data into the cloud, proper visibility with a plan to remediate and maintain an evergreen process, will be critical to how well the organization functions, and the level of security they achieve,” said Rita Gurevich, CEO and founder of SPHERE.

“We are excited to partner with ForgePoint Capital to scale our offering to meet the growing demand for automation, supported by a team of experts, by helping organizations simplify reporting and remediation to eliminate risk,” Gurevich added.

Related: Beyond Identity Raises $75 Million to Expand Passwordless Identity Platform

Related: SaaS Application Backup Firm Rewind Raises $15 Million

Related: Menlo Security Raises $100 Million at $800 Million Valuation

Related: Email Security Company Abnormal Security Raises $50 Million

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join this webinar to learn best practices that organizations can use to improve both their resilience to new threats and their response times to incidents.

Register

Join this live webinar as we explore the potential security threats that can arise when third parties are granted access to a sensitive data or systems.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Data Protection

The CRYSTALS-Kyber public-key encryption and key encapsulation mechanism recommended by NIST for post-quantum cryptography has been broken using AI combined with side channel attacks.

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Data Protection

The cryptopocalypse is the point at which quantum computing becomes powerful enough to use Shor’s algorithm to crack PKI encryption.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Identity & Access

Zero trust is not a replacement for identity and access management (IAM), but is the extension of IAM principles from people to everyone and...

Funding/M&A

More than 450 cybersecurity-related mergers and acquisitions were announced in 2022, according to an analysis conducted by SecurityWeek

Funding/M&A

Forty cybersecurity-related M&A deals were announced in January 2023.