Israel authorization management platform developer PlainID announced today that it has raised $11 million in a Series A financing round led by Viola Ventures, with participation from Capri Ventures, Springtide Ventures and iAngels. The company has raised $13 million to date including the latest round.
Building on strategic wins with Fortune 500 companies, PlainID will use this financing round to expand the company's US sales and marketing operations, customer support, and R&D team.
PlainID was founded in 2015 by CEO Oren Ohayon Harel and CIPO Gal Helemski. The company has 25 employees, of which 20 are based in PlainID's Tel Aviv offices.
The company's platform offers a clear understanding of every authorization level, in the cloud, mobile and on-premise applications, as well as complete control over the entire organization's authorization process. This gives business leaders, data governance professionals and security teams in the organization one externalized solution where they can seamlessly view and implement organizational policies across multiple protocols.
Harel said, "The authorization landscape is changing and understanding who can access what and when becomes a critical question, that requires a good answer. A simplified authorization platform meets the intricate demands of a growing enterprise by maximizing security and minimizing anxiety."
Viola Ventures partner Omry Ben David said, "Run-time authorization is becoming more complex in an era of Enterprise automation. Current solutions no longer meet the changing requirements of hybrid IT environments, API collaboration and the introduction of more robotic process automation solutions. We believe that externalized fine-grain authorization will become the next large category in IAM, in a similar way to how Okta built the authentication category by externalizing the process and offering a single sign-on solution."
"PlainID provides a new generation tool allowing managers to gain control and flexibility in managing authorization across their organizations while minimizing dependency on IT specialists," said Marek Jablonsky, Executive Director at Springtide Ventures. "Importantly, the solution also addresses regulatory requirements and provides the necessary "peace of mind" to the executives when it comes to auditable robustly process-based IAM. Building on their hands-on experience from their previous roles as IT security executives with large enterprises the founders have managed to develop a largely superior solution with a potential to disrupt and redefine the category."
Published by Globes [online], Israel business news - www.globes-online.com - on July 2, 2018
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