The Israeli startup Silverfort has just closed a $65 million Series C funding round that was led by Greenfield Partners. New investors GM Ventures, Acrew Capital, Vintage Investment Partners and existing investors StageOne Ventures, Singtel Innov8, Citi Ventures, Aspect Ventures and Maor Investments also participated in the round.
As the digital age continues to thrive, cybersecurity threats continue to rise especially since traditional network parameters rapidly change and bring new threats with it. According to Gartner, mainstream Identity and Access Management (IAM) tools and infrastructure fall short, as they often are not visible to incident responders. The lack of end-to-end identity threat protection has turned identity into today’s number one attack surface, with compromised credentials being leveraged in 80% of all data breaches and ransomware campaigns. There, therefore, needs to be a complete re-evaluation of the approach taken in identity security to be able to detect any compromise and immediately respond– hence the new industry term ‘identify threat detection and response’ (ITDR). ITDR is used to describe the collection of tools and best practices to successfully defend identity systems from endemic levels of attacks. With a more holistic approach, sensitive resources won't be caught out of the IAM platform loop.
Changing the identity security market with a new approach
Silverfort, the Israeli ITDR startup, has developed a best-in-class platform to solve the growing security problem of identity-based attacks. It enables secure authentication and access in a unified manner across all corporate resources, both on-premises and in the cloud. What’s great is that their technology doesn't require any modifications to a customer's endpoints, servers, or application– it is simply added as a layer on top of existing IAM infrastructure, making it a swift yet effective tool. Their agentless and proxiless technology consolidates detection, response, and prevention across all IAM platforms - even in places where it was completely missing such as in legacy applications, command-line interfaces, industrial systems, and machine-to-machine access. Overall, the platform facilitates 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.
Silverfort has proven to detect and stop account takeover, lateral movement, and ransomware propagation attempts, which is why the company is gaining so much traction; 90% of those who trial Silverfort’s platform become customers. They are growing rapidly, so much so that in the last 12 months, the company grew its Annual Recurring Revenue by 2.5 times globally, and 3.5 times within the U.S. (the company’s primary market). Silverfort is trusted by hundreds of enterprises worldwide, including Fortune 100 companies. With the new capital, they will continue to accelerate the company’s growth.
Silverfort was founded in 2016 by Hed Kovetzs (CEO) and Yaron Kassner (CTO). To date, they have raised over $100 million.
