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Okta lands $16.5 million in new funding

By | August 8, 2011, 8:00am PDT

Summary: Okta has closed $16.5 million in series B financing with Greylock Partners and Khosla Ventures.

Okta, which offers on-demand identity management services, said Monday it has closed $16.5 million in series B financing with Greylock Partners and Khosla Ventures. Those new investors joined existing investors Andreessen Horowitz and Floodgate.

For Okta, the new funding will accelerate the company’s growth plan.

David Weiden of Khosla Ventures and Aneel Bhusri, co-CEO of Workday, will join Okta’s board.

Todd McKinnon, CEO of Okta, has said that the company is planning to take on more large enterprise accounts and be a conduit from legacy identity management services and cloud infrastructure.

The funding will come in handy as established players such as VMware eye parts of Okta’s turf. In May, Okta launched two editions of its identity management services—a Single Sign-On Edition for $5 a month per user and a Standard Edition at $10 per user a month. The move was designed to court IT admins.

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On-demand, Investor, Identity Management, Okta, Authentication/Encryption, Privilege Management, Security Administration, Managed Hosting, Financial Accounting, Security, Finance, Larry Dignan

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic.

Disclosure

Larry Dignan

Larry Dignan has nothing to disclose. He doesn’t hold investments in the technology companies he covers.

Biography

Larry Dignan

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CNET News.com. Larry has covered the technology and financial services industry since 1995, publishing articles in WallStreetWeek.com, Inter@ctive Week, The New York Times, and Financial Planning magazine. He's a graduate of the Columbia School of Journalism and the University of Delaware.

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