PRESS | NEWS
Growth in Identity Security Market Fuels OverWatchID’s $2M Funding Round
Record number of data breaches propels $20 billion identity security market
Dec. 15, 2017 (DENVER) – OverWatchID, Inc. a Denver-based market leader in cloud-based integrated identity security solutions, today announced the successful closure of its second private placement financing, bringing the total combined outside and founder-led investment dollars raised to date to over $2 million. The announcement caps a strong year for OverWatchID, which is ending its quarter at nearly 150 percent above booking plan.
According to the 2017 Verizon Data Breach Investigations Report, more than 80 percent of hacking-related breaches leveraged stolen or weak passwords. To combat the increasingly sophisticated nature of cyber threats, OverWatchID combines and extends best-in-class identity security solutions — privileged access management (PAM), identity access management (IAM), multi-factor authentication (MFA) and cloud access security brokering (CASB) — into a single platform. OverWatchID’s converged platform offers several advantages over legacy systems, including:
- Greater security efficacy;
- Frictionless deployment that can be accomplished in days or weeks;
- Reduced subscription, implementation and administration costs by up to 80 percent; and
- True multi-tenancy, a critical requirement for MSPs.
“OverWatchID is well positioned to become a major player in the growing market for cybersecurity products,” said Andy Funk, co-founder and CEO of OverWatchID. “As the only vendor offering converged solutions for IAM, PAM, CASB and MFA in a single platform, OverWatchID is poised to scale rapidly with this and future funding injections.”
The funding will help OverWatchID expand its marketing, sales and product teams. The majority of the seed-round funding came from angel investors and high net-worth individuals. The round also includes participation from several repeat investors, such as Copper River Advisors.
“The increase in security concerns and the demand for simple, effective solutions will drive growth in the identity security market for years to come, and we are excited by OverWatchID’s steady growth and impressive roster of clients,” said Scott Fox, OverWatchID investor and partner at Copper River Advisors. “We look forward to accelerated expansion fueled by the company’s strong leadership and innovative technology.”
OverWatchID is “Identity Security. ReinventedTM”. OverWatchID leverages more than 20 years of enterprise development experience in identity security and delivers a feature-rich platform that comprises privileged access management (PAM), identity access management (IAM), multi-factor authentication (MFA), and cloud access security brokering (CASB). OverWatchID’s patent-pending technology provides an assurance of security efficacy far beyond legacy PAM systems, and its rapid, frictionless deployment reduces subscription, implementation and administration costs by up to 80 percent. OverWatchID is headquartered in Denver, Colorado. www.overwatchid.com.
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