Ory announced a $22.5 million series A round led by Insight Partners.

Ory, a Munich, Germany-based SAAS developer of open-source cloud security tools, announced completing a $22.5 million series A funding round.

The money was raised from investors led by the American private equity Insight Partners, and joined by existing shareholders Balderton Capital and In-Q-Tel.

The proceeds will be used for hiring people and expanding the business.

Ory was founded in 2015 by CEO Thomas Aidan Curran and Aeneas Rekkas, who later formed a commercial entity for the purpose of building a cloud business in 2019. The have built an open-source company dedicated to simplifying zero trust cloud security for application developers by providing a specialized platform that delivers authorization, authentication, ID management, and API protection. Ory uses these open-source products in its flagship product, Ory Cloud, which provides a low latency global scale network for zero trust security.

Ory runs a number of open-source software projects Hydra Kratos, and Keto, with paying customers including Blues Wireless, Segment, and Coinbase. The company is distributed with headquarters in Doylestown, PA and offices in Munich, Germany.