beyondid Secures $9M Series A Funding for Cloud Identity Implementation

BeyondID Secures $9 Million in Series A Funding

BeyondID, a firm specializing in cloud identity consulting, has announced the completion of a $9 million Series A funding round. The investment was spearheaded by Tercera, marking the firm’s inaugural investment since its launch earlier this month.

The company’s core focus lies in assisting organizations with the management of cloud security and identity protocols. Their services are particularly geared towards clients utilizing Okta, for which BeyondID holds a platinum partnership.

Core Service Offerings

BeyondID provides support across a spectrum of crucial areas. These include identity and access management, secure application modernization, the implementation of Zero Trust security frameworks, and comprehensive cloud migration and integration services.

Leadership and Expertise

Arun Shrestha, CEO and co-founder, brings extensive technological experience to the company. He previously held a key position at Okta, joining in 2012 as the head of customer success.

During his tenure, which spanned five years leading up to the company’s IPO, Okta experienced significant growth, expanding its customer base from an initial 50 to over 3,500.

Founding and Mission

Leveraging his specialized knowledge of the Okta ecosystem, Shrestha founded BeyondID in 2018. The company was established with the aim of optimizing Okta implementations and managing cloud-based identity solutions, particularly for organizations with intricate systems.

“Our objective is to evolve into a fully-fledged managed identity service provider, encompassing all facets of identity management and cybersecurity,” Shrestha stated. “We aim to serve as a comprehensive resource for companies involved in the acquisition, deployment, and administration of identity services.”

Growth and Customer Base

The company has demonstrated substantial growth, with revenues increasing by 300% over the past two years. While growth rates are expected to moderate, the firm anticipates continued expansion of 70-100% this year.

BeyondID currently serves a diverse clientele of 250 customers, including prominent organizations such as FedEx, Major League Baseball, Bain Capital, and Biogen.

Future Plans and Diversity Initiatives

Currently employing 75 individuals, BeyondID intends to expand its workforce in the coming year, supported by the recent investment. Shrestha emphasizes the importance of cultivating a diverse workforce as a fundamental aspect of the company’s long-term success.

“A commitment to diversity is not only essential for our sustained growth but also reflects our core values,” he affirmed. He is dedicated to fostering an inclusive environment that champions women and people of color within the organization.

Tercera’s Investment Rationale

Chris Barbin, managing partner and founder of Tercera, explained the firm’s decision to invest in BeyondID. He believes that identity management is paramount in the context of digital transformation.

As more businesses transition to cloud environments, they require guidance in navigating the unique security and identity challenges inherent in cloud-based systems. Tercera recognizes BeyondID’s potential to play a pivotal role in assisting clients with this transition.

“BeyondID operates within a rapidly expanding market and boasts an impressive roster of clients spanning numerous industries,” Barbin noted. “Arun and his leadership team possess a clear vision, strong ties to Okta, and a genuine passion for their work.”