Israeli cybersecurity startup PlainID, which develops authorization, and identity access management (IAM) solutions, today announced it has completed a $75 million Series C financing round led by Insight Partners, with participation from Itai Tsiddon, Viola Ventures and all other existing investors. This brings to $100 million, the total amount raised by the company.
PlainID will use the funding to expand global marketing, speed up product development and deepen its ability to enabling organizations to simply and securely govern, administer and control who can access their digital assets.
Founded in Israel in 2014 by CEO Oren Ohayon Harel and CTO/CPO Gal Helemski, PlainID has developed a policy-based access management layer for its authorization, and identity access management solutions, which use a real time decision engine to control access. The company's Policy Manager and Partner Manager solutions deliver instant and secure digital experiences, with authorized users accessing the data and applications they need without delays or compromising security. The company has experienced strong growth in 2021 with 100% growth in annual recurring revenue (ARR) and the major expansion of its OEM partnership with SAP.
Ohayon Harel said, "This major funding round is an important milestone for PlainID and will enable us to significantly scale our platform to meet the huge opportunities that exist within the IAM and cybersecurity market. Our technology enables organizations to augment and consolidate their IAM policy management using a scalable runtime authorization engine and intuitive UI that allows them to adopt a cybersecurity mesh architecture, while securing their digital assets by centralizing the control of who can access what and when across the technology stack."
Published by Globes, Israel business news - en.globes.co.il - on December 21, 2021.
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