Why We Invested: ConductorOne
October 2025
Deepthi Madhava
ConductorOne – Redefining Identity for the AI Era
As artificial intelligence reshapes how work gets done, enterprise security is entering a new era. The number of identities companies must manage – employees, contractors, SaaS tools, bots, and now AI agents – is exploding. Traditional identity systems weren’t built for this complexity. ConductorOne provides a modern, unified platform for managing and governing all of them.
Founded in Portland in 2020 by former Okta executives Alex Bovee and Paul Querna, ConductorOne is re-imagining how enterprises secure and govern access and permissions in an age where human and machine users coexist. At its core, the company helps security and IT teams answer a deceptively simple question: Who should have access to what, for how long, and why?
Automated workflows streamline access requests, reviews, and provisioning, cutting audit effort by up to 85% and reducing onboarding time by weeks. With Baton, its open-source protocol for identity connectors, ConductorOne is also establishing a new ecosystem standard that enables seamless communication between applications and infrastructure tools.
The company is seeing remarkable traction. Enterprise customers such as DoorDash, Zscaler, Instacart, and Ramp use ConductorOne to simplify compliance and reduce risk. Average contract values have grown from tens of thousands to hundreds of thousands of dollars, with many expanding into multi-year, seven-figure agreements.
OVF was introduced to the team through the CEO of another portfolio company. What stood out wasn’t just the technology, but the clarity of vision: Alex and Paul deeply understand the identity landscape and are positioning ConductorOne as the access-control layer for the agentic AI era.
The opportunity is enormous with the combined Identity Access Management and Governance market expected to grow from $23 billion in 2024 to $47 billion by 2028, driven by cloud entitlements and AI-powered identity automation. ConductorOne’s API-first, AI-native architecture makes it uniquely suited to lead this transformation.
OVF joined Greycroft, Accel, Felicis, and CrowdStrike in ConductorOne’s $79 million Series B. We’re proud to welcome this Portland-based team of world-class founders to our portfolio – anchoring top security talent in Oregon while serving Fortune 500 customers globally.
We believe ConductorOne has the potential to become a defining company in enterprise security, one that enables organizations everywhere to embrace AI confidently, without compromising identity or trust.