San Francisco, Calif. — Okta, a start-up on-demand identity and access manager for cloud and SaaS applications, has raised $16.5 million in Series B funding to help grow their enterprise cloud adoption.
The funding round was backed by investors Greylock Partners and Khosla Ventures, who join previous investors Andreessen Horowitz and Floodgate.
Okta helps companies manage their IT resources by storing software in the cloud and keeping track of all data and disparate services. With their services, companies are able to focus on building their brand while the startup manages all of their web-based application needs. Their SaaS software also provides security that supports any business at any level.
“This new investment from Greylock and Khosla is a huge validation of our vision for a Cloud First IT enterprise,” said Todd McKinnon, CEO, Okta. “We truly believe that leveraging the cloud is simply better for business — it enhances productivity, cuts costs and opens up new opportunities. We’re making cloud applications more accessible and easier for enterprises to manage — something our customers are demanding. With these new funds, along with Aneel and David’s experience and guidance, we look forward to continuing our growth and helping organizations of all shapes and sizes reap the benefits of the cloud.”
Aneel Bhusri, co-founder and co-CEO of Workday and former PeopleSoft chairman, will join Okta’s board of directors.
http://tinyurl.com/3v7std6 (Okta Press Release)
Photo by flickr user benleto, used under Creative Commons license