Opal Security

Opal Security Raises $32 Million in Series B - September 2024

Executive Summary

Opal Security provides modern identity and access management (IAM) solutions focused on least privilege access, just-in-time permissions, and comprehensive access reviews for cloud-first enterprises.

Funding Amount: $32 Million

Valuation: $150 Million

Round Type: Series B

Announced: September 2024

Headquarters: San Francisco, California

Category: Cybersecurity - Identity & Access Management

About Opal Security

Opal Security was founded in 2020 and is headquartered in San Francisco, California.

Opal Security provides modern identity and access management (IAM) solutions focused on least privilege access, just-in-time permissions, and comprehensive access reviews for cloud-first enterprises.

Funding Round Details

Investment Amount

Opal Security successfully raised $32 Million in this Series B funding round.

Lead Investors & Participants

Greylock Partners (Lead Investor): Leading venture capital firm focused on enterprise infrastructure, leading the Series B

Battery Ventures (Investor): Technology-focused investment firm participating

Coatue (Investor): Global technology investor participating in the round

Okta Ventures (Strategic Investor): Corporate venture arm of identity leader Okta

Use of Funds

The $32 million Series B will accelerate Opal's product development in identity governance and access management, expand sales and marketing to capture growing demand for zero trust security solutions, and build integrations with more cloud applications and infrastructure platforms.

Key Metrics & Achievements

• $150 million valuation
• Modern IAM platform for cloud-first companies
• Just-in-time access and least privilege security model
• Okta Ventures strategic investment validates identity leadership
• Focus on SaaS, cloud, and infrastructure access governance
• Automated access reviews and compliance reporting
• Growing alongside zero trust security adoption

Business Model

Opal Security operates on a SaaS subscription model, charging customers based on number of employees/users and integrated applications. The platform automates identity governance, access reviews, privilege management, and compliance reporting. Enterprises pay annual contracts for the platform plus implementation and support services.

Market Opportunity & Competition

Opal competes in the identity governance and administration (IGA) market with Okta (partner/investor), SailPoint, CyberArk, Saviynt, and newer entrants like Veza and Lumos. The company differentiates through modern cloud-native architecture, developer-friendly APIs, automated just-in-time access, and focus on mid-market and growth companies versus legacy IGA vendors serving large enterprises.

This fundraising report was announced on September 2024 and represents verified data from TechCrunch, Crunchbase, Bloomberg, Business Wire, and official company announcements.