Customer Identity and Access Management Provider Strivacity Announces $9.3 Million in Series A Funding
Strivacity, a customer identity and access management (CIAM) provider, announced that the company secured a total of $9.3 million in Series A financing. The funding round was led by Ten Eleven Ventures with participation from Toba Capital.
The average person has 100 different applications and services which require a password1. The brands that run those apps and services work hard to create great experiences for their customers. Yet CIAM solutions offered by large identity and access management (IAM) providers force companies to make tradeoffs between creating the best customer experience, securing their customers’ data and staying compliant with fast-changing privacy regulations. Too often, this results in engineering and security teams getting bogged down with lengthy custom-coding projects.
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“By 2022 CIAM will be a key component of a competitive UX strategy by 85% of organizations, up from 40% today.”
“Business shouldn’t be forced to choose between providing a great customer journey and keeping data secure,” said Keith Graham, CEO of Strivacity. “Customers have more choices today than ever before, and they expect the brands they interact with to provide great service and safeguard their personal information. Strivacity adds secure CIAM capabilities to your online properties fast so you can grow your revenue, stay compliant with fast-changing privacy regulations and personalize your service thanks to the insights you’ll get into how customers interact with you.”
Strivacity is the CIAM provider that enables companies around the globe to simultaneously provide a standout customer experience while maintaining rigorous security and compliance standards. From centralizing the management and storage of customer identities to enforcing data sovereignty, Strivacity helps their customers prioritize their users while also keeping their own marketing, engineering, security and compliance teams happy. According to Gartner, “By 2022 CIAM will be a key component of a competitive UX strategy by 85% of organizations, up from 40% today.”2
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“CIAM tools are a great driver for digital transformation, but in their current form, are still pretty complex,” said Todd Weber, CTO and operating partner at Ten Eleven Ventures. “Stitching together all the right processes and tooling – while balancing customer needs, security, privacy and compliance – is simply more difficult than it should be, and requires too much extra time and custom coding by development teams. Strivacity has developed a new kind of CIAM solution that solves this challenge by giving developers a platform to work with and creates a better experience for users. Strivacity shows how much better CIAM can be, and we’re thrilled to help bring their innovation to the world. Get ready for apps to become a whole lot easier to develop – and to use.”
Strivacity will use the funding to accelerate R&D and expand go-to market investments in sales and marketing. As part of the investment, Todd Weber will join Strivacity’s board of directors.
