NEW YORK, June 9, 2020 /PRNewswire/ -- Concourse Labs, a company that accelerates enterprise digital transformation through automated cloud governance today emerged from stealth mode announcing $15.2 million in Series A funding. The round was led by ForgePoint Capital, with existing investors 83North and Capri Ventures participating.
Concourse Labs plans to use the funding to expand sales and marketing efforts, scale operations, and broaden and accelerate product development.
Concourse Labs Creates a New Paradigm to Enable Enterprise Success in Cloud.
Traditional enterprise governance, risk and compliance (GRC) approaches cannot work at cloud speed and scale nor deal with the distributed and ephemeral nature of cloud resources. And enterprise complexity presents many obstacles to successful cloud adoption. This leaves enterprises exposed to data breaches, service outages, fines, and tarnished corporate reputations. Furthermore, legacy methods slow the pace of innovation that enterprises seek when moving to agile development models.
"The move to cloud is essential for enterprises to compete and transform in the modern world", said Michelle Bailey, Group Vice President, General Manager and Research Fellow at IDC. "Our data shows us that enterprises struggle to achieve cloud at scale without appropriate investments in governance and management. The typical customer now has about 30% of all applications in a public cloud environment, therefore the need for observability, risk management, and control is essential."
"Concourse Lab's unique solution addresses these major enterprise needs. Being able to help enterprise customers accelerate the investments they have made in their digital transformation journey is the key to accelerating cloud success at scale."
Concourse Labs changes the game with a new paradigm, Automated Cloud Governance. This is a fundamental shift in approach, eliminating time consuming and costly manual processes. Concourse enables enterprises to adapt successfully to the cloud, providing observability and control of their risk posture. It provides an immutable system of record for an organization's policies, identity and cloud usage, enabling companies to operate at cloud speed and scale, with confidence and control. It automates manual processes, speeding innovation, improving security and reducing risk.
Concourse Labs solves four critical challenges organizations face when the move to cloud:
- Observability, Verification and Audit, delivering an independent and provable record demonstrating conclusively the organization's state of compliance at any moment, current or historical. Concourse Labs solves the gap security and compliance teams have, enabling them to accurately report to their boards, auditors, regulators, insurers and shareholders.
- Agile Governance, enabling innovation to happen rapidly while assuring compliance with corporate policies and controls. A catalyst for successful shift-left DevSecOps transformation, Concourse automation frees developers to deliver code rapidly without security approval bottlenecks, and eliminates the demand they become security experts.
- Continuous control verification, identifying non-compliance cloud usage in real time, quickly controlling risks from configuration drift, shadow IT and hacking.
- Automatic testing of infrastructure-as-code, providing enterprises a reliable and verifiable understanding of their risk posture as they deploy even the most complex applications to cloud.
Founded and led by cloud luminaries, the Concourse Labs executive team is comprised of pioneers in enterprise cloud adoption, with previous executive positions held at Goldman Sachs, Red Hat, Google, AWS and Rackspace. The Concourse Labs leadership team has extensive experience with moving complex enterprises to cloud and are uniquely qualified to help enterprises accelerate success in the cloud through digital transformation.
"A new approach is needed to enable enterprises to move to cloud with speed and security," said Don Duet, CEO and Co-Founder. "We built Concourse Labs with this mission, to enable digital transformation with confidence. Obtaining a significant amount of funding from industry-leading investors at this time is a testament to the importance of our goals and the strength of our team and solution."
"Cloud governance has always been a critical enabler for cloud adoption and COVID-19 has pushed companies to undergo a digital transformation and increase their usage of public cloud," said William Lin, partner at ForgePoint Capital. "We are excited to partner with a highly experienced team that has a track record in running large businesses and deploying cloud resources at scale with governance, security and speed in mind."
Don Dixon, Managing Director with ForgePoint Capital, William Lin, Partner with ForgePoint Capital and Yoram Snir, Partner with 83North, will join the company's board.
About Concourse Labs
Concourse Labs is the innovator in automated cloud governance. We're accelerating digital transformation for enterprises by helping them move to cloud safely and securely, while operating at speed and scale. Concourse brings a new paradigm to the market, automating the process of establishing and monitoring controls, identity and cloud usage data. Founded and led by cloud industry luminaries with previous executive positions held at Goldman Sachs, Red Hat, Google, AWS and Rackspace, we have been trailblazing the move of large enterprises to cloud from the beginning. Backed by ForgePoint Capital, with additional investment from 83North and Capri Ventures and Workbench Capital, the company is headquartered in New York. For more information, visit: http://concourselabs.com or follow us on Twitter @ConcourseLabs
Automate Cloud Governance. Secure Visibility. Reduce Risk.
About ForgePoint Capital
ForgePoint Capital is the premier cybersecurity venture fund investing in transformative companies protecting the digital world. The firm is one of the most prolific investors in early and growth stage cybersecurity companies with over 40 global cybersecurity investments. The team brings more than eight decades of company building, value creation experience and draws upon the largest network of trusted cybersecurity industry experts and customers to support entrepreneurs who are building great companies. Based in the San Francisco Bay Area, the firm partners with exceptional cybersecurity entrepreneurs worldwide.
For more information, please visit www.forgepointcap.com or follow us @ForgePointCap.
83North is a global venture capital firm with over $1B under management. The fund invests across all stages, in exceptional entrepreneurs, whose focus is to build global category leading companies.
About Capri Ventures
Capri Ventures is an early stage venture capital firm focused on Enterprise Technology. The firm invests globally with focus on seed stage enterprise software. The team is comprised of former software executives, operators, and leaders from Fortune 500 enterprises, bringing significant resources early in a company's lifecycle to help drive commercialization and market adoption.
For more information visit https://www.capriventures.com/
SOURCE Concourse Labs