Israeli enterprise Software-as-a-Service (SaaS) management company Torii today announced that it has closed a $10 million Series A financing round led by Wing Venture Capital together with the company's existing investors Entree Capital, Global Founders Capital, Scopus Ventures and Uncork Capital. Wing VC Partner Jake Flomenberg is joining Torii's board.
Automation is present across every facet of Torii’s platform, helping companies make accurate intelligence-driven decisions relating to software usage, spend and compliance.
With offices in New York and Ra'anana, the company was founded by CEO Uri Haramati, CPO Uri Nativ and CTO Tal Bereznitskey.
Haramati said, "We’ve reached the point where SaaS can no longer effectively be managed by humans. The enterprise needs a way of managing SaaS usage, spend and security that will scale and keep employees happy, but won’t impact agility and growth. With companies deploying on average 20-plus new SaaS applications every month, this can only be achieved with intelligence-driven automation."
Torii’s revenue grew 400% year-over-year in 2020. Across its customer base, Torii is currently monitoring and optimizing more than $1 billion in total software spend and more than $4 billion in total transactions. The company is developing new intelligence features including automatic software recommendation, compliance readiness and cost allocation.
With the new funding Torii will expand its engineering and data science teams in Israel and commercial teams in the US.
Published by Globes, Israel business news - en.globes.co.il - on February 21, 2021
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