New Jersey-based access governance company SPHERE on Thursday announced that it raised $10 million in a Series A funding round.
The investment was led by ForgePoint Capital, with participation from private investors Omkhar Arasaratnam (formerly at JPMorgan Chase), Joel Caminer (formerly at TD Securities), Adnane Charchour (formerly at Scivantage), and Sounil Yu (formerly at Bank of America).
The money will be used to expand the company’s scope and capabilities, particularly on cloud platforms such as Office 365, and to expand managed services operations. Don Dixon and Will Lin, managing directors at ForgePoint, will join SPHERE's board of directors following the investment.
Founded in 2010, SPHERE describes itself as a woman-owned cybersecurity business that provides access governance software and services for data, applications and platforms.
The company’s SPHEREboard automation platform can provide insights into an organization’s most sensitive data, prioritize and remediate privileged access violations, identify and remediate problematic Active Directory groups, and provide identity access management capabilities.
“As large organizations are honing in on the need to improve access controls, and they look to migrate data into the cloud, proper visibility with a plan to remediate and maintain an evergreen process, will be critical to how well the organization functions, and the level of security they achieve,” said Rita Gurevich, CEO and founder of SPHERE.
“We are excited to partner with ForgePoint Capital to scale our offering to meet the growing demand for automation, supported by a team of experts, by helping organizations simplify reporting and remediation to eliminate risk,” Gurevich added.
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