Israeli SaaS platform company Torii announced today it has closed a $3.5 million seed round led by Uncork Capital, with additional investments from Global Founders Capital and Entrée Capital.
Torii CEO Uri Haramati said, "In the near future, people will not need to manage software - it will be software that manages software. This inevitability is the anchor of our vision for Torii - to create one software that manages all software, seamlessly, automatically and in real-time. And for that, you need a searchable and easily managed system of record, topped by a powerful and versatile engine for automated workflows. SaaS management needs the ability to automatically add and remove accounts, to optimize license utilization and to intelligently route alert notifications to the right stakeholders."
Andy McLoughlin of Uncork Capital said, "We chose to invest in Torii because we loved the team, the product, the early traction, and the market. The three founders are experienced tech innovators - they bring valuable experience working in high growth businesses, coupled with developing consumer products. This unique combination makes them an exceptionally compelling founding team. I think you only have to look at the quality of the product they are building and early customer traction to understand that."
Based in Ra'anana, Torii's solution tackles a pain point many CIOs and IT managers face, with employees often adopting scores of SaaS applications on a self-service basis, making SaaS a primary culprit of the dreaded "shadow IT" phenomenon. In the age of GDPR compliance and elusive cyber threats, regaining control of all software in use in the enterprise is a mission-critical imperative.
Torii's tools allow IT managers to discover, audit, vet and control the SaaS apps that employees use and to make sure license utilization is optimized. To top that, workflow management can be automated, freeing the IT team up from many of their tedious, regularly mistake-prone processes.
Published by Globes, Israel business news - en.globes.co.il - on May 21, 2019
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