On Thursday, New Jersey-based access governance business SPHERE reported that it raised $10 million in a fundraising round of Series A.
With the involvement of private investors Omkhar Arasaratnam (formerly at JPMorgan Chase), Joel Caminer (formerly at TD Securities), Adnane Charchour (formerly at Scivantage) and Sounil Yuu, the investment was led by ForgePoint Money (formerly at Bank of America).
The money would be used to broaden the reach and capability of the business, particularly on cloud platforms like Office 365, and to expand the operations of managed services. After the investment, Don Dixon and Will Lin, managing directors at ForgePoint, will join SPHERE’s board of directors.
SPHERE, founded in 2010, describes itself as a woman-owned cybersecurity organization that offers data, apps and networks with access governance tools and services.
The SPHEREboard automation platform of the corporation will offer visibility into the most sensitive data of an enterprise, prioritize and resolve privileged access breaches, identify and remedy inappropriate Active Directory classes, and provide functionality for identity access management.
Rita Gurevich, CEO and founder of SPHERE, said: “As large organizations are focusing on the need to enhance access controls and looking to migrate data to the cloud, proper visibility with a plan to remediate and maintain an evergreen process will be critical to how well the organization works and the level of security they achieve.”
“We are excited to partner with ForgePoint Capital to scale up our offering, supported by a team of experts, to meet the growing demand for automation by helping organizations simplify reporting and remediation to eliminate risk,” added Gurevich.