Clear Skye Raises $14M for Its Cloud-Native Identity Security and Governance

Identity security and governance solution provider Clear Skye, a company that built its cybersecurity offering natively on ServiceNow, has raised $14 million in a Series A round. It is increasing the company’s total investment to roughly $20 million since its seed round in 2020.

Clear Skye is a ServiceNow-native identity security and governance system. By enabling enterprises to utilize a familiar interface, give greater identity control and information, and establish a connection between the business and IT, the firm reimagines corporate identity access and risk management.

Clear Skye would eliminate friction, boost productivity, and speed time-to-value by breaking down silos between functional areas like as HR, IT, SecOps, and GRC. Clear Skye’s global clients entrust their identity lifecycle management, governance, and security activities to the company.

The money will be used to grow the company’s personnel and worldwide reach, as well as to continue reinventing business identity governance and security. To do so, Clear Skye has added a new Chief Marketing Officer (CMO), Erin Duncan, who previously led product marketing at Saviynt; a new Chief Strategy Officer, Jackson Shaw, who previously led product management at Dell, One Identity, and Forcepoint; a new Senior Vice President, Customer Success; and a new Vice President, HR and Operations, Jen Ilsley.

Storm Ventures and Toba Capital led this newest investment, which also included Point Field Partners and Inner Loop Capital. Storm Ventures Partner Arun Penmetsa will join Clear Skye’s board of directors.

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Compliance, Workflow Management, Security

This news follows Clear Skye’s record growth in 2021, which was fueled by the need for better data compliance, workflow management, and security to meet the demands of a dispersed, cloud-first workforce. Last year, the firm achieved 5x revenue growth thanks to strategic, customer-driven product improvements and new capabilities. As a consequence, companies like ABB, West Fraser, Blackhawk Network, Premise Health, and others are turning to Clear Skye to fuel their identity initiatives.

“As the only IGA solution built natively on ServiceNow, Clear Skye has the unique ability to remove friction from business processes related to governing application access, all while increasing efficiency and extending our customers’ investments in their existing business platform,” said John Milburn, Chief Executive Officer (CEO) at Clear Skye. “Effective and easy to use, Clear Skye eliminates the burdens associated with massive tech overhauls and starts delivering value immediately.”

Clear Skye has been designated an initial Gartner Cool Vendor in Identity-First Security, as well as a place on Gartner’s Heat Index for ‘SaaS Delivered IAM’ in the Security, Risk, and Identity Management area.

“Today, workers have access to many more applications, which poses a challenge for identity and governance teams that are tasked with access control, managing compliance, and monitoring individual and enterprise-wide threats,” said Arun Penmetsa, Partner at Storm Ventures and the newest member of Clear Skye’s BoD. Clear Skye addresses this need through a modern platform without the pain of replacing legacy IT systems. Our investment in the company reinforces our belief in the value of extending identity beyond risk and security to embrace enhanced operations and IT workflows that improve overall business outcomes.”

The identity security industry is predicted to exceed $11 billion by 2025, yet siloed, on-premises solutions now dominate. According to Gartner, 76 percent of clients are planning to replace their current IGA solution. It would be simple to understand why: removing access can take anything from a few days to weeks, and completing an audit might take anywhere from weeks to months.

Clear Skye enables businesses to complete these tasks in only hours, arming staff with the tools they need to get the job done while avoiding organizational silos that lead to data loss or separation.

“Since working with Clear Skye, we’ve been able to simplify, standardize, and automate a manual process that took countless hours, dozens of spreadsheets, and hundreds of manual emails,” said Suneetha Golla, Director, Identity and Access Management, Premise Health – a Clear Skye client. “Not only have we been able to reduce cost and increase security, but we significantly improved the lives of our team members responsible for user access.”

About the Investment Firms

Photo John Milburn, CEO at Clear Skye
“Clear Skye has the unique ability to remove friction from business processes related to governing application access,” said John Milburn, CEO at Clear Skye.

Storm Ventures is a Silicon Valley-based early-stage venture capital firm. Storm Ventures has invested in category-leading businesses such as Talkdesk, Workato, MobileIron, Marketo, Airespace, Tekion, Pipedrive, Algolia, Salesloft, and many more for over 20 years. Over 150 firms in the cybersecurity, healthcare, infrastructure, marketing, HR, sales, and other enterprise areas have been funded by the firm. Storm Ventures has achieved “top-tier” returns for investors across six funds and has developed a unique model for identifying, investing in, and building global enterprise leaders.

 Toba Capital is a single limited partner early-stage investment business dedicated to assisting in the creation of extraordinary technological firms. It seeks out long-term growth enterprises and teams with the ability to fundamentally alter markets for the greater good. Vinny Smith created Toba Capital in 2012, with offices in Los Angeles and Newport Beach, California.

Inner Loop Finance is a seed-stage startup capital firm focused on cybersecurity, cloud infrastructure, and data analytics. Inner Loop and its managing director have made 15 early-stage cybersecurity investments since 2015. Baltimore is the home of Inner Loop Capital.

Point Field Partners is a Baltimore-based family office that specializes in direct venture capital, private equity, and real estate investments. With a stable financial foundation, PFP seeks to collaborate with management teams and other investors to build long-term value.