Okta raises $25M in VC funding; unveils new identity network strategy

Okta raises $25M in VC funding; unveils new identity network strategy

Summary: It's a big day for Okta as it reveals the details from its latest round of VC fuding as well as some product updates around mobility and Microsoft 365.

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Okta, a cloud-based identity and access management solutions provider, has announced that it has raised another $25 million thanks to its latest round of venture capital funding.

See also: Okta teams with Workday on cloud-native identity management service

Led by Sequoia Capital, other Series C investors included Andreessen Horowitz Greylock Partners, Khosla Ventures and Floodgate.

The San Francisco-based company said that the additional funds will be used to advance and "redefine identity management" for enterprise customers.

Specifically, Okta is introducing its "Enterprise Identity Network," described as a strategy for solving larger identity challenges that many CIOs are facing today amidst pressures stemming from mobile and cloud trends that are moving business beyond the firewall.

Essentially, this network is comprised of three subnetworks focused on applications, employees, and organizations -- all three of which are intended to work together seamlessly as a cloud-based service while remaining vendor-neutral.

Okta CEO Todd McKinnon, asserted in a statement on Tuesday that the debut of this vision is both a milestone for Okta and possibly a game-changer within the enterprise world.

With our Enterprise Identity Network, we're ushering in a new era of identity that's delivered from the cloud and solves the economic and technological limitations of legacy identity systems that can't contend with the modern enterprise. Identity is central to how work gets done in a business environment that's more complex than ever, and we've developed a future-proof, people-centric service to meet those demands. For the first time, employees are able to connect with all the applications and people necessary so they can focus on work, not on navigating IT.

Some early work being produced around this strategy include a few product updates being revealed today, such as a new mobile app for iOS devices and integration with Microsoft Office 365.

Topics: Enterprise 2.0, Cloud, Enterprise Software, Start-Ups, Tech Industry

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