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SPHERE Receives $31M for Series B Funding From Edison Partners, Forgepoint Capital

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NEWARK, N.J., Nov. 30, 2022 /PRNewswire/ SPHERE Technology Solutions (SPHERE), a leader in identity hygiene, announced today 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.

As cyberattacks escalate in number and severity, Identity Hygiene has
become foundational to enterprise security, digital transformation, and
mandatory compliance. The increasing needs around ensuring identities
have access to only the required resources has been in direct response
to the rise in ransomware attacks and bad actors who take advantage of
wide open and mismanaged access.

SPHERE immediately shrinks the attack surface of these threats
through an automated platform that provides visibility and remediation
of identity hygiene 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.”

For over 13 years, SPHERE has enabled IT and Security teams to adopt a
Zero Trust model by finding and fixing any type of identity access
issue across any resource — in a fraction of the time these complex
capabilities would take manually. The platform SPHEREboard provides an
end-to-end workflow for end-user and privileged account controls, across
cloud and on-premises systems and infrastructure, remediates open,
excessive and inappropriate access, and provides an evergreen path for

“Identity management, and more broadly information security, starts
with the ability to ensure that the only parties with access to
sensitive or operational data are those identified by management,” said
Marcus. “SPHERE’s platform enables enterprises to improve their identity
hygiene and maintain compliance. Its managed services offerings enable
it to service the mid-market and large enterprises, where the problem is
pervasive. Edison Partners is also proud to support female trailblazers
like Rita Gurevich, who are closing the gender diversity gap in a historically male-dominated industry.”

SPHERE continues to build significant traction and earn industry
accolades that recognize the company’s growth, leadership and commitment
to diversity, a source of passion for Gurevich ever since she began
building the company from the ground up. SPHERE was honored as a Gold
Winner in the 2022 Globee Cyber Security Excellence Awards, named a finalist in the annual SINET 16 Awards, and selected by the Timmy Awards for Best Tech Workplace for Diversity in New York. A proven leader and innovator in cybersecurity, Gurevich was named by SC Magazine as a top “Women to Watch” in 2022. She was also selected as the only female finalist for the SC AwardsSecurity Executive of the Year.”

“Our focus is to invest in the most innovative cybersecurity
companies and SPHERE’s combination of automation and expertise is
unmatched in the industry,” said Forgepoint Capital Managing Director Don Dixon.
“Major corporations including many of the world’s leading financial
institutions rely on Sphere for its ability to effectively address two
critical use cases – Zero trust initiatives and regulatory requirements
for identity entitlements. We’re excited to continue our partnership and
to welcome Lenard and Edison to the board of directors.”


SPHERE is an award-winning, woman-owned cybersecurity business
focusing on improving security and enhancing compliance. SPHERE’s
identity hygiene solution puts the controls in place to secure an
enterprise’s most sensitive data, create the right governance processes
for systems and assets, and ensure organizations are compliant with the
regulations surrounding their respective industries. For more
information, please visit

About Edison Partners

Edison Partners is a leading growth equity firm providing the
financial and intellectual capital that CEOs and their executive teams
need to grow and scale their companies. The firm’s team brings more than
275 years of combined investing, operating and sector experience to
each investment, accessible via the Edison Edge value
creation platform, which is tailored to each business’ strategy, stage
and operating needs. Edison targets high-growth financial technology,
healthcare IT and vertical SaaS and marketplace companies located
outside Silicon Valley with $10 million to $30 million
in revenue. Investments also include buyouts, recapitalizations,
spinouts, and secondary stock purchases. Edison’s active portfolio has
created aggregated market value exceeding $10 billion. Edison Partners manages $1.6 billion in assets. For more information on Edison Partners, please visit and follow on LinkedIn.

About Forgepoint Capital

Forgepoint Capital is a leading cybersecurity venture capital firm
that invests in transformative companies protecting the digital future.
As the most active sector-focused firm in cybersecurity and
infrastructure software, Forgepoint has the largest dedicated investment
team and portfolio of over 40 companies. The firm brings over 100 years
of proven company-building experience and its Advisory Council of more
than 80 industry leaders to support entrepreneurs advancing innovation
globally. Founded in 2015, Forgepoint is proud to partner with
category-defining companies such as 1Kosmos, Area 1 Security
(Cloudflare), Attivo Networks (SentinelOne), BehavioSec (RELX), Bishop
Fox, Cysiv (Forescout), Huntress, IDX (ZFOX), Noname Security,
NowSecure, ReversingLabs, SPHERE, Uptycs and more as they achieve their
market potential. Learn more at or follow Forgepoint on LinkedIn.


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