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SPHERE Technology Solutions announced a $31 million series B investment led by Edison Partners, a Princeton, New Jersey-based growth equity firm, with participation from existing investor Forgepoint Capital. As part of the transaction, Edison General Partner Lenard Marcus will join SPHERE’s board of directors.

“We’ve experienced the problems that our customers encounter firsthand, and understand the time, dedication, and resources it takes to solve the complex issues they face every day,” said SPHERE Founder and CEO Rita Gurevich in a company press release.

SPHERE works to shrink the attack surface for cyber threats through an automated platform that provides visibility and remediation of identity hygiene risks along with tech-enabled managed services. SPHERE’s current customers range from financial institutions to healthcare providers and more. With this investment, SPHERE will expand its software-as-a-service offering, channel ecosystem and alliances, and sales and marketing to accelerate growth.

For more than 13 years, SPHERE has worked to enable IT and security teams to adopt a Zero Trust model by finding and fixing any type of identity access issue across any resource. The platform SPHEREboard provides an end-to-end workflow for end-user and privileged account controls, across cloud and on-premises systems and infrastructure, remediates open, excessive and inappropriate access, and provides a path for sustainability.

“Identity management, and more broadly, information security starts with the ability to ensure that the only parties with access to sensitive or operational data are those identified by management,” Marcus said in the release.

Source: SPHERE Technology Solutions