Clear Skye Raises $4.95M Led by Toba Capital to Meet Growing Global Demand for SaaS Identity Governance and Administration Solutions
Clear Skye, Toba Capital and Inner Loop Working Together to Make Identity Governance and Administration More Comprehensive and Effective by Using ServiceNow Now Platform
EMERYVILLE, Calif., May 5, 2020 – Clear Skye® Inc., the better way to IGA company, today announced that it has closed a $4.95 million Series A round of funding led by Toba Capital. Round participants included Inner Loop Capital and existing investor ServiceNow Ventures. The company also announced that new Chief Executive Officer John Milburn and Rajan Aggarwal, Partner, Toba Capital, will join the Clear Skye Board of Directors. Luis P. Almeida completes the executive team as new worldwide leader of Sales and Alliances.
Clear Skye is executing on its bold vision of simplifying security by delivering a cost-effective solution for today’s Identity Governance challenges. Clear Skye Identity Governance and Administration (IGA) is the only IGA solution built natively on the ServiceNow Now Platform, and as a result uniquely removes friction from business processes related to governing application access. Organizations can greatly increase the efficiency and effectiveness of IGA programs while leveraging and extending their investment in ServiceNow Now Platform. Clear Skye IGA delivers the critical IGA capabilities of Identity Lifecycle Management, Access Review, Access Certification and Audit-Focused Analytics without the overhead of standing up another new software silo requiring integration.
“Toba shares Clear Skye’s goal of significantly improving the effectiveness of IGA programs, which is a space long associated with mediocre customer outcomes,” said Vincent Smith, Founder, Toba Capital. “Clear Skye is differentiated in its ability to provide solutions that are aligned with existing business processes and workflows, and we see an unmet demand in the industry which will rapidly accelerate their growth. Additionally, we are excited to support the rapidly evolving Now Platform App Store Ecosystem, which we believe will help drive the continued ServiceNow dominance of IT workflows.”
“Identity Management is a critical process that should not live in a vacuum – it should align with the way other IT processes are managed,” said John Milburn, CEO of Clear Skye. “Customer and industry feedback tell us that by participating natively in the Now Platform, Clear Skye IGA has put Identity Governance where it belongs, on the platform already being used to drive most IT workflows. We are excited to team with Toba Capital and Inner Loop Capital, and for Rajan to join our board of directors, as we work toward executing on our aggressive growth goals for 2020 and beyond.”
Today’s funding will be used to expand all facets of Clear Skye to meet the increasing demand for its Clear Skye IGA™ solution. In addition, this investment will fuel the company’s rapid acceleration internationally, where it is already seeing significant customer interest. The funding will further Clear Skye’s work to simplify security and compliance for the enterprise and help customers gain more value from their Now Platform investment.
While legacy IGA technologies require the addition of another complicated silo to be managed, Clear Skye IGA integrates simply as an additional business process automated by the Now Platform. By providing Provisioning, Access Request, Access Review and Analytics on the Now Platform, Clear Skye customers gain significant efficiencies in the way their IGA programs operate. Additionally, Clear Skye IGA leverages the benefits delivered by other solutions on the Now Platform, such as Configuration Management Database (CMDB); Governance, Risk and Compliance (GRC); and Security Operations.
About Toba Capital
Toba Capital is an early-stage investment firm committed to helping create incredible technology companies. It looks for businesses capable of long-term growth and teams with the potential to fundamentally shift markets for the common good. It takes a high-conviction, hands-on, dollar-concentrated approach to venture investing. The firm has a single LP evergreen fund structure, which means its process and investment horizons are highly aligned with the teams it backs. Toba Capital was founded in 2012 by Vinny Smith and has offices in Newport Beach, Calif., and San Francisco. For more information, see www.tobacapital.com.
About Inner Loop Capital
Inner Loop Capital is a seed-stage venture capital firm that invests in a range of enterprise technologies, with a particular focus on Cybersecurity, Cloud Infrastructure and Data Analytics. Since 2015, Inner Loop and its managing director have invested in 15 early-stage cybersecurity companies. Inner Loop Capital is based in Baltimore. For more information, see www.innerloopcap.com.
About Clear Skye
Clear Skye’s mission is to simplify security and compliance for the enterprise. The Clear Skye vision is that simplification results from the convergence of disparate systems, processes and user experiences. Clear Skye executes on this vision by building Identity Governance software solutions that are native to the Now Platform, making deployment, adoption and integration of its solutions quick and painless for comprehensive and efficient identity governance and administration. Clear Skye is a venture backed company headquartered in Emeryville, Calif. For more information, see https://www.clearskye.com.