Israeli identity and security management platform Authomize today announced the closing of $16 million Series A financing round led by Innovation Endeavors and with participation from previous investors Blumberg Capital, Entree Capital and Microsoft's M12 - Microsoft's venture fund. This brings the amount raised by the company to $22 million.
The funds will speed up delivery of Authomize's identity and security management platform (IDSM) and continued growth in product development and marketing, including the expansion of its partner network. Authomize plans on doubling its workforce in R&D, marketing, and sales in both the US and Israel.
The company was founded by CEO Dotan Bar Noy, CTO Gal Diskin and VP R&D Ron Liberman.
Bar Noy said, "As the complexity and scale of managing and securing permissions in the cloud continue to grow, there is an obvious need for an AI-powered permission management solution. Authomize addresses the growing need for a unified solution that covers a wider range of identity and authorization use cases. Our platform offers a complete set of capabilities from the PAM, IGA, CIEM and CSPM segments, which helps teams mitigate a broader range of security risks from a single solution."
Authomize already secures millions of identities and tens of millions of assets across a range of organizations, industries, and regions worldwide. Authomize is continuing to expand its global reach with this momentum to help customers manage and control security risk and operational burden in today's virtualized and distributed environments. Authomize delivers continuous protection and ensures adherence to security and compliance standards, instantly mitigating security risks, while reducing IT burden.
Authomize's platform allows teams to automatically detect and remediate identity and access management (IAM) risks across any environment by enabling teams to define and enforce the right level of permissions. The platform provides continuous risk analysis along with actionable insights to minimize security risks, reduce IT overload, and ensure continuous compliance.
Following this Series A round, Harpinder Singh, partner at Innovation Endeavors, will be joining the Authomize board of directors. Additional board members include Yodfat Harel Buchris, managing director at Blumberg Capital; Eran Bielski, managing partner at Entree Capital; and Mony Hassid, general partner at M12, Microsoft's venture fund.
Published by Globes, Israel business news - en.globes.co.il - on May 13, 2021
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