The round was led by Toba Capital Other 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 , 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
Clear Skye and Clear Skye IGA are registered trademarks of Clear Skye Inc All other marks and names mentioned herein may be trademarks of their respective companies
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