The company will use the new capital to expand the Cerby Application Network, continue investing in its agentic artificial intelligence capabilities and making the platform extensible, innovate its entire solution suite, and scale its go-to-market operations in North America and the Europe, Middle East and Africa (EMEA) region, according to a Wednesday (May 28) press release.
“From day one, we’ve been laser-focused on eliminating the operational burden and security risk created by manual identity workflows — automatically, intelligently and at scale,” Cerby Co-founder and CEO Belsasar Lepe said in the release. “We’re building a world where identity security is fully automated — eliminating human error and ensuring no app is left behind.”
Cerby’s platform automates the full identity lifecycle for disconnected applications, including credentials, authentication, lifecycle management and privileged access, according to the release.
The platform helps enterprises protect their software-as-a-service, cloud, mobile and on-premises applications, per the release. It automates identity workflows across more than 2,000 applications and supports more than 100 organizations.
Lance Matthews, partner at DTCP, which led the funding round, said in the release that Cerby offers “proven solutions and [a] unique platform.”
“The identity security industry is undoubtedly overdue for transformation — and Cerby is leading that shift with a true platform approach,” Matthews said.
Identity-related suspicious activity accounts for 42% of all suspicious banking activity, with verification circumvention found to be the most reported type of fraud, according to the PYMNTS Intelligence and Intellicheck collaboration, “How FinTechs Are Fighting Identity Theft and Identity Fraud.”
The report found that in response to these threats, FinTechs are showing interest in investing in anti-scameducation tools (81%), document verification software (65%) and identity risk solutions (55%).
In another, separate development in this space, Duna said May 6 that it raised $12.1 million in seed funding for its business identity platform that it is working to turn into a “shareable business identity” network.
On April 30, Persona said it raised $200 million in a Series D funding round to expand its identity platform that helps businesses verify their customers online.
