Strata, the distributed multi-cloud identity orchestration company, has raised $26 million in a Series B round of financing led by Telstra Ventures with participation from existing investors Menlo Ventures, Forgepoint Capital and Innovating Capital.
Strata has developed Maverics, a distributed identity orchestration platform that enables organizations to adopt modern cloud identity systems without the need to rewrite applications, saving millions and years of manual migration.
Strata has raised more than $42 million in financing to date and will use the additional funds to further scale sales and marketing, go to market activities and customer success initiatives.
The identity and access management (IAM) market is projected to reach $36.96 billion by 2030 at a CAGR of 14.12 percent.
