SPHERE Technology Solutions (SPHERE) has announced a $31 million Series B investment led by Edison Partners, a Princeton-based leading growth equity firm, with participation from existing investor Forgepoint Capital. As part of the transaction, Edison General Partner Lenard Marcus will join SPHERE’s board of directors.
For insurers the matter of verifying ID is becoming more important, as there may be multiple agencies and suppliers involved in processing a complex PI claims for example. Developing an eco-system of digital suppliers and partners also means granting systems access to various companies on a daily basis. So logins need to be more rigorous in cases where sensitive personal or company data is involved.
As many cyber specialists in the insurance sector have noted, emails tend to be the best route into a company for hackers and DDOS attackers, so verifying the ID attached to that email address is essential.
SPHERE neutralises threats through an automated platform that provides visibility and remediation of identity risks along with tech-enabled managed services, delivering expertise to accelerate these crucial programs. SPHERE’s current customers are some of the largest and most highly regulated organizations globally, ranging from financial institutions to healthcare providers and more. With this investment, SPHERE will expand its SaaS offering, channel ecosystem and alliances, and sales and marketing to accelerate growth.
“As a company founded and operated by a team of security practitioners, we developed a mission-critical solution well before the market even deemed it mission-critical,” said Rita Gurevich, founder and CEO of SPHERE. “We’ve experienced the problems that our customers encounter firsthand, and understand the time, dedication, and resources it takes to solve the complex issues they face every day. We’re thrilled to have the support of Edison Partners and Forgepoint Capital for our next chapter of growth.”