Cerby Secures $40M Series B Funding to Revolutionize Identity Security Automation

Cerby Secures $40M in Series B Funding

Cerby, a rapidly growing identity security automation startup, has successfully raised $40 million in a Series B funding round. The investment was led by DTCP Capital, with participation from existing backers including Okta Ventures, Salesforce Ventures, and Two Sigma Ventures 1

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. This latest funding round brings Cerby's total investment to $57 million, following a $17 million Series A round in August 2023 1

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Addressing the Challenge of Disconnected Applications

Founded in 2020, Cerby has positioned itself as a pioneer in automating the management of nonstandard and disconnected applications that involve credentials and authentication. The company's platform is designed to help enterprises manage the increasing sprawl of software-as-a-service (SaaS) portfolios, private network apps, and artificial intelligence systems that often fall outside the reach of traditional identity tools 1

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Belsasar Lepe, co-founder and CEO of Cerby, emphasized the company's mission: "Our platform brings automation to that complexity -- extending modern identity controls to any app, even the ones most tools leave behind" 1

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. Cerby's solution aims to eliminate the operational burden and security risks created by manual identity workflows, automating them intelligently and at scale 2

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Innovative Technology and Approach

Cerby's platform leverages a range of automation approaches, including UI-based workflows and advanced agentic AI, powered by a patent-pending integration engine 1

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. The company utilizes robotic user interface detection and integrates application programming interfaces with artificial intelligence to onboard new applications seamlessly 1

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The platform automates the full identity lifecycle for disconnected applications, covering aspects such as credentials, authentication, lifecycle management, and privileged access 2

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. It works across various systems, including Enterprise Password Management (EPM), Identity and Access Management (IAM), Identity Governance and Administration (IGA), and Privileged Access Management (PAM) 3

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Impressive Growth and Customer Base

Since its Series A funding less than 20 months ago, Cerby has experienced remarkable growth. The company has increased its Annual Recurring Revenue (ARR) by 10 times and grown its customer base by 5 times 3

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. Cerby now automates identity workflows across more than 2,000 applications and supports over 100 organizations worldwide 2

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The platform has attracted several high-profile customers, including L'Oréal, Fox, Allstate, Chime, and Dentsu, who rely on Cerby to automate critical security workflows across their complex environments 3

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Future Plans and Market Expansion

With the new funding, Cerby plans to expand its capabilities and market presence. The company will focus on:

1. Expanding the Cerby Application Network
2. Continuing investment in agentic AI capabilities
3. Making the platform more extensible
4. Innovating its entire solution suite
5. Scaling go-to-market operations in North America and the EMEA region 2

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Cerby is particularly targeting growth in key markets such as Germany, France, the UK, and strategic Middle Eastern regions, where regulatory pressure and increasing enterprise complexity are driving demand for solutions that secure disconnected applications at scale 3

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Industry Perspective and Market Trends

The identity security industry is ripe for transformation, according to Lance Matthews, Partner at DTCP. He stated, "The identity security industry is undoubtedly overdue for transformation -- and Cerby is leading that shift with a true platform approach" 2

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This investment comes at a time when identity-related suspicious activity accounts for 42% of all suspicious banking activity, highlighting the critical need for robust identity security solutions 2

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. The industry is seeing increased interest in anti-scam education tools, document verification software, and identity risk solutions among FinTechs 2

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As Cerby continues to innovate and expand, it aims to create a world where identity security is fully automated, eliminating human error and ensuring comprehensive protection for all applications in the enterprise ecosystem.