Cybersecurity Firm Extends Seed Round Following Strong VC Interest
Denver, Sept. 10, 2018 (GLOBE NEWSWIRE) — OverWatchID, a Denver-based market leader in cloud-based converged identity security solutions, today announced it has closed its seed funding round at $2.5 million, raising $4.5 million to date. The funding round was led by WestWave Capital and Silicon Valley Data Capital and included IrishAngels Ventures, OCA Ventures, Rockies Venture Club and Copper River Advisors.
“Each day, stolen credentials and privilege abuse account for millions of dollars in losses for our businesses, and the market for cloud-based converged identity security solutions has grown exponentially in the last year,” said Andy Funk, co-founder and CEO of OverWatchID. “This new investment, coupled with having WestWave Capital and Silicon Valley Data Capital as partners, allows OverWatchID to accelerate our growth and invest in continuing R&D so we can help our clients stay one step ahead of attackers.”
Since its founding in 2016, OverWatchID’s patent-pending platform has provided converged identity security solutions to Frontier Airlines, the eighth-largest carrier fleet in the country, managed service providers like Datavail and Unitas Global and many other enterprise clients. OverWatchID’s rapid, frictionless deployment has reduced subscription, implementation and administration costs by up to 80 percent when compared to legacy vendors. The company previously announced its seed round had closed in May 2018 and reopened the round following exceptionally strong interest from WestWave Capital and Silicon Valley Data Capital.
“OverWatchID is ready to disrupt the $27 billion identity security market through their holistic identity security platform specifically built for today’s cloud environments,” said Warren Weiss, managing general partner, WestWave Capital. “Amidst a crowded field of legacy stand-alone vendors focused solely on very large enterprise companies, OverWatchID has emerged as the clear leader in the identity security market. We look forward to working with the OverWatchID team as they make identity security available for companies of all sizes.”
“The identity security market is projected to be more than $35 billion by 2020, and OverWatchID’s identity security platform is well positioned to play a big role,” said Jim McLean, founder of Silicon Valley Data Capital. “We are very excited to help lead this funding round and are excited to participate in OverWatchID’s next growth phase.”
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), single sign-on (SSO), multifactor 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.