Israeli cybersecurity startup Silverfort, the provider of the world’s first Unified Identity Threat Protection platform, has picked $65 million in Series C funding.
Funds utilisation
The investment round was led by Greenfield Partners alongside several VC’s and strategic investors, including GM Ventures, Acrew Capital, Vintage Investment Partners and existing investors StageOne Ventures, Singtel Innov8, Citi Ventures, Aspect Ventures and Maor Investments.
This round brings Silverfort’s total funding to over $100 million. Silverfort will use the proceeds of this funding round to scale the business and team globally and continue to expand the platform’s unique technological advantage.
Avery Schwartz, Partner at Greenfield Partners who will join the company’s board of directors said, “We are energized both by the positive impact the company’s technology is having and by the leadership’s vision and passion. It is clear to us that Silverfort’s strong momentum in the market is just the start, and we are excited to join them on this journey.”
Hed Kovetz, Silverfort’s Co-Founder and CEO said, “This lack of end-to-end identity threat protection has turned identity into today’s #1 attack surface, with compromised credentials being leveraged in 80% of all data breaches and ransomware campaigns. This problem required a new approach to identity security: a unified Zero Trust security layer that works on top of all modern and legacy IAM infrastructure, and covers all users, resources and environments.”
“These previously unprotected assets are often viewed as the weakest link in enterprise security,” said Yaron Kassner, Silverfort’s Co-Founder and CTO. “By enabling secure authentication and access to these assets, Silverfort allows companies to close their deepest security gaps, and to comply with regulations and cyber insurance requirements.”
Wade Sheffer, Managing Director, GM Ventures said, “Our investment in Silverfort underscores GM Ventures’ commitment to identifying next generation technologies that will enhance a business’ digital enterprise while supporting GM’s transformation to a technology leader and platform innovator. We are optimistic about Silverfort’s growth and believe their technology has the potential to stop future identity-based threats at GM and beyond.”
Pioneering Unified Identity Protection Platform
Founded by Yaron Kassner, Matan Fattal, and Hed Kovetz in 2016 in Tel Aviv, Israel, Silverfort is the provider of the first Unified Identity Protection Platform, which consolidates security controls across corporate networks and cloud environments to block identity-based attacks.
The financing follows rapid growth, which saw the company’s Annual Recurring Revenue (ARR) triple with hundreds of customers, including Fortune 100 companies.
Silverfort seamlessly integrates all existing IAM solutions, including AD, Azure AD, RADIUS, ADFS, Okta, AWS IAM, etc.
What does Silverfort do?
By applying a layer of protection on the existing authentication protocols, the startup eliminates the need to deploy any agents or proxies or makes any changes to the existing servers and applications. This lets organisations to protect their assets and not support secure authentication without the necessity to modify them and extend protection to interfaces not covered by any other MFAs.
Using patented technology, Silverfort enforces its protection as a layer on top of the customer’s existing IAM infrastructure, without requiring modifications to endpoints, servers or applications.
Its platform enables Identity Threat Detection and Response (ITDR), agentless Multi-Factor Authentication (MFA), discovery and protection of service accounts (non-human identities), and adaptive Zero Trust security policies.
It also enables customers to extend security controls such as Multi-Factor Authentication (MFA) from any vendor to previously unsupported resources and environments, or even consolidate their hybrid IAM stack by ‘bridging’ legacy systems and protocols into modern identity platforms like Azure AD.
