At a mere two-years-old, local computer security platform Opal has caught the eye of Greylock Partners, a Menlo Park-based venture capital firm. Greylock has backed big-name startups like Coinbase, Discord, Figma and Airbnb.
On Monday, Opal announced it pulled $10 million in funding in its Series A raise led by Greylock. The startup, which is dual headquartered in New York City and San Francisco, plans to use its fresh funding to scale its product and hire additional employees. A bulk of its current career openings are engineering roles.
“We’re building a platform that takes a holistic approach to access management, with broad integration coverage that gives admins the visibility and insights to write scalable access policies, while enabling employees to browse and request new access using decentralized workflows,” Stephen Cobbe, Opal’s CEO, said in a statement. “Much of our team had to build or operate custom access tooling at their prior companies because solutions on the market weren’t cutting it.”
Though Opal is a fairly new startup in the computer security sector, the company’s future may be bright if investment trends continue to grow. Last year, nearly $30 billion venture capital dollars were poured into the security industry, which is more than than the amount invested in 2019 and 2020 combined, according to recent data.
“Opal is helping to move access management beyond the IT-driven, groups-based approach that’s predominated the past few decades to a more org-driven, dynamic and context-based approach,” Cobbe said in a statement.
