Capital One Ventures and Citi Ventures, corporate venturing arms of financial services firms Capital One and Citi respectively, have participated in a $40m series B round for Styra, a US-based developer of cloud-native authorisation software.
Battery Ventures led the round, which also included fellow VC firms A.Capital, Unusual Ventures and Accel Partners.
Founded in 2016, Styra produces open-source software used by companies to manage authorisation policy across cloud-native applications.
The company founded the Open Policy Agent (OPA), an open-source engine that consolidates policy enforcement.
OPA has been downloaded more than 75 million times and is used by companies including on-demand streaming service provider Netflix, software producer Atlassian and Capital One.
Styra will use the funding to double the size of its team by the end of 2021, with an initial focus on its product management, customer success, open-source and go-to-market departments.
The capital will also enable the company to develop its declarative authorisation service, which enables OPA to be deployed and monitored at scale.
Accel led a $14m series A round for Styra in November 2019 that was also backed by Unusual Ventures and A.Capital.