Adoption of Cloud Services has Created Complexity and Risk
The rapid adoption of cloud services, along with an increasing number of cloud infrastructure and platform services, has created an explosion in complexity and unmanaged risk. According to Gartner, through 2023, at least 99% of cloud security failures will be the customer’s fault; however, organizations that implement a governance/compliance solution will reduce cloud-related security incidents by 80%.
OpsCompass, the newest Elsewhere Outlier, has developed a cutting-edge platform that accelerates workload migration to the cloud through continuous governance and compliance monitoring across the leading public clouds. With OpsCompass’s state-based architecture, companies can easily establish and maintain compliance, security, and cost baselines across their cloud accounts.
In simpler terms, OpsCompass provides automated and continuous inspection and remediation of a customer’s critical cloud infrastructure. The OpsCompass offering most closely falls into the CSPM (cloud security posture management) space, which is growing rapidly driven by increased demand for governance and compliance management in the cloud.
The OpsCompass investment opportunity was proactively sourced in close partnership with Elsewhere Operating Advisor Kevin Cunningham and Elsewhere CTO Josh Stephens. Kevin’s experience as Founder at SailPoint gave us deep insight into the IT tools and cloud management sector. Kevin specifically indicated his interest in the emerging multi-cloud security and compliance space, so we actively set out to find the leading product in this sub-sector. Kevin’s insights, coupled with Josh’s prior experience as VP of Technology at SolarWinds, gave us the depth to diligence the OpsCompass product and market opportunity.
The Newest Elsewhere Outlier: OpsCompass
We are thrilled to announce OpsCompass’s $6.8 million Series A funding led by Elsewhere Partners. This investment will be used to accelerate go-to-market strategy, expand the sales organization, and support further product development. Since founding OpsCompass in 2016, founders Manny Quevedo (CEO), Scott Griffith (VP of Corporate Development), and John Grange (CTO) have scaled the business to millions in revenue and closed key enterprise customers.
In addition to the investment of capital, Kevin Cunningham will join OpsCompass’ Board of Directors. Kevin was previously President and Chief Strategy Officer of SailPoint Technologies (NYSE:SAIL), a company he co-founded in December 2005 and took through an IPO in November 2017. Josh Stephens will join OpsCompass as an advisor.
We are excited to capitalize on this incredible market opportunity and partner with OpsCompass for its next phase of growth.
Please read more about our investment here (press release).