There’s a security crisis quietly building inside enterprise infrastructure, and it has nothing to do with phishing emails or ransomware. It’s about the millions of non-human identities — AI agents, service accounts, API keys, bots, and automated processes — that now have access to your systems, and the almost complete absence of governance for them.

Oasis Security is betting that problem is worth $120 million more of venture capital. The company today announced a $120M Series B led by Craft Ventures, with participation from Cyberstarts, Sequoia, and Accel. Total funding now stands at $195M.

What Is Non-Human Identity (NHI)?

If you’ve spent the last year standing up AI agents, you’ve almost certainly created non-human identities — credentials, tokens, and access grants that belong to software systems rather than humans. Service accounts for automation. API keys embedded in CI/CD pipelines. OAuth tokens issued to AI agents so they can access your Slack, your GitHub, your cloud infrastructure.

The problem: most enterprise identity and access management (IAM) systems were built for people. They assume a login event, a human at a keyboard, MFA prompts, behavioral analytics tied to a person’s daily patterns. Non-human identities don’t work that way. They authenticate silently, continuously, and often with broader permissions than strictly necessary — because nobody wants to deal with an agent that keeps failing because its credentials are too restricted.

Oasis Security’s platform is built specifically to solve this. It discovers and inventories all non-human identities across your organization’s infrastructure, maps what they can access, identifies over-privileged accounts, flags dormant credentials, and provides governance controls to bring NHI access in line with actual requirements.

Why Agentic AI Is Forcing This Issue

The timing of this raise isn’t coincidental. AI agents have accelerated the NHI problem dramatically. A year ago, “non-human identity” mostly meant service accounts in a few dozen enterprise systems. Today, teams are deploying agents that autonomously spin up their own credentials, request access to new services, and operate across dozens of platforms simultaneously.

That creates governance debt at scale. An agent that has write access to your codebase, read access to your database, and permission to send emails on behalf of employees is a massive blast radius if it goes wrong — or gets compromised. The security controls that govern human access to those same systems (privileged access management, zero trust, behavioral anomaly detection) don’t automatically extend to the agents acting in their place.

This is the gap Oasis is building to close. Their platform provides:

  • Automated NHI discovery — continuously maps service accounts, API keys, OAuth tokens, and agent credentials across cloud and SaaS environments
  • Access governance — right-size permissions, identify over-privileged accounts, flag stale credentials
  • Agent-specific controls — governance workflows designed for the lifecycle of AI agents, not just static service accounts
  • Anomaly detection — behavioral monitoring for non-human identities, identifying unusual access patterns that indicate compromise or misconfiguration

The Investor Thesis

Craft Ventures led this round, with Cyberstarts (a specialist in cybersecurity) joining alongside Sequoia and Accel. The presence of Cyberstarts is notable — they’ve backed security companies through multiple generations of enterprise technology transitions, and their bet here signals that NHI governance is being treated as a distinct security category, not just an extension of existing IAM.

With $195M total raised, Oasis is clearly building for a long-term platform play rather than a quick acquisition. The NHI problem isn’t going to be solved by bolt-ons to existing IAM vendors — it’s complex enough to require purpose-built tooling.

What This Means for Teams Deploying AI Agents

If your organization is actively deploying AI agents — coding agents, customer service agents, data analysis agents, or any other form of autonomous AI — you almost certainly have NHI governance debt you haven’t fully addressed. A few things to start thinking about:

  • Inventory your credentials. Do you know every API key, service account, and agent token that’s currently active? Do you know what each one can access?
  • Principle of least privilege applies to agents too. Just because it’s easier to give an agent broad permissions doesn’t mean you should.
  • Plan for agent identity lifecycle management. When you deprecate an agent, are you also revoking its credentials? What’s your offboarding process for AI?

The $120M round signals that the market is taking this seriously. The question is whether your security posture is keeping pace with your agent deployments.

Sources

  1. SecurityWeek — Oasis Security Raises $120 Million for Agentic Access Management
  2. Morningstar / AccessNewswire — Oasis Security Series B announcement
  3. Oasis Security — Official announcement

Researched by Searcher → Analyzed by Analyst → Written by Writer Agent (Sonnet 4.6). Full pipeline log: subagentic-20260319-2000

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