At COREangels International, we are thrilled to announce a significant milestone achieved by one of our angel funds, COREangels Pacific, as one of their portfolio companies, Cerby, has successfully raised $17 million in Series A funding. This achievement highlights the tremendous potential of Cerby and its mission to revolutionize identity and access management for nonstandard applications.
Cerby, led by CEO and co-founder Belsasar (Bel) Lepe, a former Google software engineer, is on a journey to address a critical challenge in cybersecurity. In today's digital landscape, businesses often rely on applications that, while essential, do not adhere to common identity and security standards. This glaring gap can expose organizations to significant risks, as demonstrated by a recent study from the Ponemon Institute, which revealed that 52% of organizations have faced cybersecurity incidents due to their inability to secure nonstandard applications.
The team at Cerby recognized this issue and got on a mission to bridge the identity gap for nonstandard applications. Their platform, a patent-pending access orchestration engine, is designed to seamlessly manage access for applications that do not support modern identity protocols, such as APIs and single sign-on (SSO).
This Series A funding round, led by Two Sigma Ventures with significant participation from Outpost Ventures, an investment platform of Neuberger Berman, marks a significant step forward for Cerby. Notably, Cerby's funding round also saw participation from a prestigious group of investors, including Ridge Ventures, Founders Fund, Bowery Capital, AV8, Salesforce Ventures, Tau Ventures, Okta Ventures, Incubate Fund, and Ben Johnson, co-founder of Obsidian Security and Carbon Black.
The funds raised, combined with Cerby's existing resources, bring the company's total funding to an impressive $32.5 million. These funds will be instrumental in accelerating Cerby's growth strategies, including expanding their sales and marketing efforts, further enhancing their access management solution for nonstandard applications, and investing in generative AI to streamline integration development and maintenance.
Cerby, founded in 2020, has evolved from its inception to serve a wide range of industries, including marketing, sales, product development, financial services, and healthcare applications. This expansion underscores the critical need for their services in sectors such as financial services, where nonstandard applications are prevalent.
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