We got an exclusive look at the pitch deck developer startup Styra used to convince Battery Ventures to invest in its $40 million Series B
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- Startup Styra raised a $40 million Series B led by Battery Ventures for its authorization tech.
- Its open source engine allows developers to control what a user can do once they log into an app.
- Styra plans to use this new round of funding to double its staff by the end of 2021.
Open source developer startup Styra raised fresh funding to create the standard for authorization, which allows developers to control what a user can or cannot do once they log into an app.
The firm announced a $40 million Series B funding led by Battery Ventures with participation from previous investors, A. Capital, Unusual Ventures, and Accel, as well as new investors Capital One, and Citi Ventures. The startup has raised $67.5 million in total, according to PitchBook.
“Many people tend to confuse authorization with authentication,” CEO of Styra Bill Mann told Insider. “Through usernames, passwords and two-factor authentication, apps are able to confirm users’ identities, but what users and machines can and can’t do after they are authenticated has been left behind. That is where Styra comes in.”
Typically, developers would need to spin up their own code to implement policies that grant or deny a user permission to access something in their app, but Styra automates the process. Major firms like Netflix, Capital One, and Pinterest use the startup’s open source engine for authorization policies, dubbed Open Policy Agent (or OPA). Since its launch in 2016, it has racked up 65 million downloads total. Alongside its free open source engine, Styra sells a commercial product (Capital One is an actual paying customer).
Styra plans to use this new round of funding to double its staff by the end of 2021, particularly through hiring workers for its developer advocacy team.
“We’ve had inbound interest from many investors since our Series A funding round in 2019,” Mann said. “We focused on finding investors that have strong experience working with open source companies.”