Israeli identity protection company Silverfort has today announced the closing of a $116 million Series D financing round. Brighton Park Capital (BPC) led the round, with participation from existing investors including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners and Singtel Innov8. This latest round brings to $222 million the total amount raised by Silverfort. BPC founding partner Mike Gregoire joins Silverfort's board of directors.
Silverfort was founded in 2016 by CEO Hed Kovetz, Yaron Kassner and Matan Fattal, cybersecurity and cryptography experts who previously served in the Israeli 8200 elite cyber unit. The company has 280 employees in 15 countries, with over half of them in Israel.
Kovetz said, "Identity has become the weakest link in enterprise security, and solving it requires a new approach - a unified, end-to-end layer of security that covers all the silos and blind spots of the identity infrastructure. We are very excited about our new partnership with BPC, which will allow us to accelerate our platform vision and strong business momentum. We look forward to reshaping the way identity security is done in every company, to effectively answer today’s and tomorrow’s cyber threats."
The investment follows another record year of more than 100% growth where Silverfort added tens of millions in new Annual Recurring Revenue (ARR), and hundreds of new enterprise customers, including the largest global financial services, manufacturing and retail companies.
Silverfort has designed its platform to eliminate the silos and blind spots that identity security suffered from for many years. The platform extends modern identity security measures to every enterprise resource, on-premises and in the cloud, including systems that no other solution can protect. It enables Multi-Factor Authentication (MFA), Identity Threat Detection and Response (ITDR), Identity Security Posture Management (ISPM), and real-time protection for privileged users and service accounts - an attacker’s prime target. By enabling these modern identity security controls holistically, even for previously unprotectable assets, customers are able to stop identity-based attacks everywhere, and comply with regulations and cyber insurance requirements.
Published by Globes, Israel business news - en.globes.co.il - on January 23, 2024.
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