Torii, an Israeli SaaS management startup, closed a $10 million Series A funding round. The investment was led by Wing Venture Capital, along with existing investors Entrée Capital, Global Founders Capital, Scopus Ventures, and Uncork Capital. In addition to the round, Torri’s Board of Directors will be joined by Wing VC Partner Jake Flomenberg, “Over the past decade SaaS has gone from the exception to the norm. With the interconnectedness and ease of data collection that SaaS affords, it is possible to unlock far more efficiency gains in the realm of software management through intelligence-driven automation than was possible on premise.”
Truly understanding your SaaS activity
Torii’s system leverages machine learning to identify an enterprise’s active SaaS connections. With SaaS tools becoming the new norm for enterprises around the world, managing an overflow of SaaS subscriptions can not only get messy and expensive, but also further deplete critical IT resources. Once detected, the Torii platform creates a dashboard of all the different connected SaaS tools, displaying their cyber vulnerability and cost.
The platform can also identifies how many licenses are actually active, empowering users with the decision whether or not to continue payment, reduce active licenses, or even increase subscriptions. And if you’re looking to lighten the labor load, the system provides tools to automate your SaaS subscriptions, further freeing up resources to tackle bigger corporate fish.
“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,” said Uri Haramati, Torii CEO and co-founder.
The company’s revenues 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. Down the road, Torii plans on launching new intelligence features, including automatic software recommendation, compliance readiness and cost allocation.
The people behind Torii are Uri Haramati, who also founded Life On Air - the startup that developed Meerkat, which turned into HouseParty, and acquired by the Fortnite developer, Epic; Haramati was joined by CPO Uri Nativ, who founded the Klarna Engineering center in Tel-Aviv; and CTO Tal Bereznitskey, previously VP R&D at Bizzabo. Torii has 30 employees split between offices in Israel and the U.S.