PlainID, a cybersecurity, authorization and identity access management (IAM) provider, has just closed $75 million in their series C funding round.
Founded in 2014, PlainID uses a straightforward and simple solution to dynamic authorization management. Their policy-based access management layer uses a real-time decision engine to control what is accessed and by who. In short, PlainID’s software allows organizations to govern, administer and control who can access assets across their digital landscape; its Policy Manager and Partner Manager solutions deliver instant and secure digital experiences, with authorized users accessing the data and applications they need without delays or compromising security.
In today’s world, endless digital resources coupled with a zero-trust environment means that security and risk management teams must focus on delivering high levels of security to fit complex infrastructures and services without interrupting the user experience. Additionally, since technology is continuously evolving, IAM and cybersecurity are converging, thus becoming a significant enabler in ensuring that organizations can implement the flexible and adaptable levels of security that are essential to meet business and stakeholder needs. PlainID’s solution came from the frustrations that businesses were experiencing when trying to understand, incorporate and best implement IAM in such complex frameworks. And so, PlainID developed a Policy-Based Access Control (PBAC) to solve this obstacle. Their PlainID Policy Manager enables rapid business growth by connecting new and legacy technologies with the latest and most advanced authorization features.
The latest round of investment, which brings the total amount raised to $96 million, was led by Insight Partners, a New York-based global venture capital and private equity firm, with support from Itai Tsiddon, Viola Ventures and all other existing investors. Managing Director at Insight Partners, Steve Ward, expressed that they “are delighted to make this significant investment in the future of the business, which has the team, experience, product innovation and roadmap in place to build on its momentum from 2021” with their “compelling proposition that centralizes access policy management in an identity and access management space that has been traditionally decentralized and manual.” Ward expressed that he looks forward to partnering with PlainID as they continue to grow and focus on solutions that enable their customers and business partners.
In 2021 alone, the PlainID delivered ARR growth of above 100%, grew in its customer base by 80%, and found significant momentum in its OEM partnership with SAP. With its series C finalized, 2022 is looking just as promising. The company plans on using its newest investments to build its Go-To-Market proposition and strategy and accelerate product development in hopes of continuing on the same successful path seen in 2021. Additionally, as they continue to strive to be a leader in the IAM market in 2022, they have made a series of key appointments to their senior executive team with Gil Levonai to Chief Marketing Officer, Thomas Ammirati to Cheif Revenue Officer and Eli Shay to VP of Global Services. As PlainID CEO and co-founder Oren Ohayon Harel put it, “This major funding round is an important milestone for PlainID and will enable us to significantly scale our platform to meet the huge opportunities that exist within the IAM and Cybersecurity markets.”