Building the Future of AI-Native Identity Security: Greycroft Leads ConductorOne’s Series B

Today, we’re excited to share that Greycroft is leading ConductorOne’s $79 million Series B, joined by new investors including Crowdstrike Falcon Fund and existing investors Accel and Felicis Ventures. As AI adoption accelerates, identity access and security have never been more complex—or more critical. We’re delighted to partner with Alex Bovee, Co-founder and CEO, and Paul Querna, Co-founder and CTO, in their mission to secure every identity—human, non-human, and AI—so companies can move faster and safer.

Identity Explosion: #1 Enterprise Security Concern

Identity security has become the biggest security challenge facing enterprises. The average company might manage millions of identities across employees, contractors, applications, and devices. This footprint is growing exponentially as autonomous AI agents become mainstream. Identities with access to sensitive enterprise systems are a potential point of exposure that can cause significant business harm if breached.

Every CISO we’ve spoken with has emphasized this concern: identity is the primary attack vector for bad actors. Up to eighty percent of breaches stem from compromised or over-privileged accounts. The problem is intensifying as companies embrace AI, which introduces an entirely new class of agent and machine identities that legacy tools were never designed to handle.

This shift marks a turning point. Traditional identity platforms—fragmented across identity governance & administration (IGA), identity & access management (IAM), and privileged access management (PAM)—were built for a simpler era of static systems and human users only. AI has created an exponential increase in identity complexity and expanded the workforce identity TAM to include human and service accounts, as well as a variety of agents: corporate agents, personal agents, and SaaS agents. Microsoft and IDC estimate that there will be 1.3 billion agents by 2028, and each of those will need to be protected.

The identity security market is expected to recognize over $30 billion in annual spend by 2030, and it’s growing rapidly as identity shifts from a compliance checkbox to an operational imperative. Enterprises already manage 20 to 30 identities per employee. As AI adoption accelerates and agentic systems enter the workforce, we expect that number to grow by more than 100x in the coming years, creating hundreds of billions of new identities that need to be provisioned, managed, and secured. Companies need a modern, scalable, AI-native platform that provides governance, credentialing, visibility, and authorization management across all identity types.

C1’s AI-Native Platform

ConductorOne was built AI-native from day one. It unifies IGA, IAM, and PAM into a single platform that transforms how identity is secured in the modern workforce. The platform has automation and AI at its core, with powerful connectors to any application and infrastructure. Rather than layering automation onto legacy systems, the team designed a product suite where every workflow—from user onboarding to just-in-time access—is automated, auditable, and intelligent out of the box. The ConductorOne platform delivers stronger security and meaningful productivity gains, enabling true least privilege at scale. 

Over 300 prebuilt connectors to major applications and infrastructure enable deployment of ConductorOne’s products in hours rather than months, reducing IT efforts by up to 95% and accelerating time to value by 20x. ConductorOne prioritized the productization of these integrations so they “just work” and include core features such as provisioning, entitlements and bidirectional sync.

ConductorOne also unifies all identity, resources and permissions data across the enterprise into one real-time graph with a consistent schema to eliminate the identity silos created by legacy solutions. The identity data platform–a single source of truth–enables accurate, policy-driven automation at scale.

Solving Hard Problems with Customers

ConductorOne has partnered with Fortune 500 and high-growth companies including DoorDash, Instacart, Qualtrics, Ramp, and Zscaler. Several enterprises worldwide already rely on ConductorOne’s platform across the world’s most complex environments. Here’s how the Company is helping these customers:

• DoorDash: Unified security across 300,000+ identities for real-time, policy-driven access
• Instacart: Moved 100% of privileged access to just-in-time provisioning
• Qualtrics: Automated tens of thousands of access changes per month
• Ramp: Deployed intelligent access reviews that significantly reduce manual oversight
• Zscaler: Cut onboarding time from days to minutes

“I’ve had experience with legacy vendors in this space and it’s a night and day difference—in the way you can use the product, in the onboarding time, in the time to value, and how you’re treated as a customer.”

Matthew Sullivan, Infrastructure Security Team Leader, Instacart

A Customer-Obsessed Team and Culture

The co-founders’ prior experiences led them directly to build ConductorOne and address the challenges their customers face. Alex previously ran security products at Okta, where he built the enterprise security business and led the CISO Council. He also championed the acquisition of Paul’s company, ScaleFT, and helped relaunch it as Okta’s Advanced Server Access product.

Alex has built a reputation for hands-on customer work. He engages directly with CISOs, learns their constraints, and translates that feedback into products that drive real impact. Paul brings complementary technical depth—precision engineering combined with thoughtful leadership and a deliberate approach. A longtime infrastructure engineer, he founded ScaleFT to simplify secure access for distributed workforces years before zero trust became mainstream. Paul’s deep open-source background shapes much of ConductorOne’s work today. He previously contributed to major projects and released tools that now underpin the Company’s automation framework.

Their shared history and technical expertise are matched by genuine empathy for customers and their challenges. They measure success by real-world security outcomes. One of the Company’s core values is “Earn the Customer’s Trust: We exist to solve our customers’ problems and make them successful.” In our conversations with their clients, we saw this customer-obsessed DNA reflected consistently in the feedback.

For two decades, Greycroft has proudly partnered with transformative technology platforms. We’ve long believed that AI is redefining every layer of the software stack – identity is a fundamental part of that transformation. We couldn’t be more excited to support Alex, Paul, and the C1rew as they build the future of identity security for the AI era!