Obsidian Security, the SaaS Security and Posture Management (SSPM) company, has announced $90 million in Series C financing led by Menlo Ventures, Norwest Venture Partners and IVP, with participation from existing investors Greylock, Wing and GV. Obsidian, which has now raised $119.5 million in total financing, will add Menlo Ventures Partner Venky Ganesan to its board of directors.
Obsidian was founded in 2017 to fill the gap left by traditional security solutions by analyzing state and activity data within and across applications to help reduce over-privilege, optimize configurations, prevent sensitive data from being exposed, and detect compromised accounts and insider threats.
The adoption of tools like Salesforce, Workday, Github, Google Workspace, Microsoft 365, ServiceNow and Zoom only accelerated during the COVID-19 pandemic with organizations of more than 1,000 employees using more than 150 SaaS applications on average.
This need to secure the most critical applications from external attacks, insider threats and misconfiguration, drove explosive revenue growth in 2021 for Obsidian. With 5x growth in deals of $100,000 or more last year, Obsidian has only just begun addressing the SaaS security gap.