Israeli startup Oasis Security, creator of a cybersecurity platform for mapping, managing, and securing non-human identities in organizations, has now been revealed and announced a $40 million fundraising effort. Approximately $35 million was raised in round A, which was recently completed. Sequoia Capital (led by Oona Levin and Bogomil Balkansky), along with Cyberstarts, Accel Partners, and Maple Capital, participated in the funding round, along with private investors such as Guy Podjarny, the founder of Snyk, and Michael Fey, founder and CEO of Island, who was previously the president and CTO of information security giant Symantec. With the funding, the company plans to hire dozens more employees and continue developing its product capabilities.
Oasis was founded in 2022 by CEO Danny Brickman and VP of Product Ami Timarman. The two met during their service in the Israeli Intelligence Unit 81, where Danny served for 11 years as part of the "Talpiot" program, and Ami served for seven years. They collaborated on several significant projects, some of which received Israeli security awards. After being discharged as a captain, Ami worked in Microsoft Israel's security division and held management roles in product and development. Several years later, Danny was released as a major and joined Ami to co-found Oasis. The company currently employs about 45 people in Israel and has multiple offices in the US, providing services to various global corporations.
The transition to the cloud, automation processes, and artificial intelligence technologies that are changing the market have made systems in organizations in the modern era more complex and convoluted. Alongside human identities, such as employees who have access to information and data, every organization also has non-human identities, such as tokens, service accounts, API keys, and RPA accounts. These identities are sometimes measured to be 50 times more numerous than human identities in any organization. Non-human identities pose a significant vulnerability for organizations because they are difficult to identify and map their permissions. These identities are not managed by a unified entity that classifies the permissions to sensitive information and data, and therefore, they are not well-secured and are exposed to breaches and security weaknesses. Today, there are more than five times as many non-human identities with access to sensitive information as there are human identities, and as a result, 2023 saw a record number of cyber attacks through these non-human identities. Additionally, the identity market is currently valued in the billions of dollars each year.
The product developed by Oasis solves for the first time the problem of managing and securing non-human identities, using a platform that maps the identities, classifies their access, identifies potential weaknesses, and prioritizes their handling through a unique risk evaluation model. The company's technological solution significantly shortens the time between weakness detection and resolution, and it also offers ways to fix breaches and recommendations for optimizing their management. The product operates automatically and is easy to implement on any infrastructure.
Danny Brickman, co-founder and CEO of Oasis Security: "In recent years, the field of identities has undergone significant changes. With the increasing workload and changes in infrastructure, the use of non-human identities has exponentially grown and become the weakest link in system security for organizations. Alongside the growing need for security, existing tools do not have the capabilities to deal with the broad scope and complexity of these identities. Due to the numerous permissions that every non-human identity is exposed to, any compromise of a single identity gives attackers access to operate within the entire cloud environment. Oasis has developed a comprehensive and user-friendly platform that solves the issue of non-human identities and allows organizations to continue growing rapidly without compromising security."
Bogumil Blakenski, partner at Sequoia Capital: "Identities on the network, especially non-human identities, represent a significant security gap that has not been addressed until now. We are excited to work with the Oasis team and be part of a solution to one of the biggest challenges in cyber security. The company emerged from stealth mode after completing a funding round and is already serving a number of significant clients. All of these reflect the high demand for the necessary solution that Oasis has developed, and our belief in the capabilities of the team."
Lior Simon, a partner at Cyberstarts Foundation: "The journey of Danny and Amitt began like in any classic story that Cyberstarts accompanies - a remarkably talented duo who decided to embark on a journey to solve a significant cybersecurity challenge. After thorough research and numerous conversations with information security managers and leading figures in the industry, they chose to tackle the fundamental security problem in the Non-human identities field, which is rapidly evolving. It is a great privilege to work alongside the Oasis team since the company's inception, and we look forward to the continuation of our shared journey."