Entrio – an Israel-based tech adoption platform company – recently announced that it extended its recent funding round to $11 million and welcomed new investors American Family Ventures, Fin Capital, and Selah Ventures with additional support from existing investor Alicorn.
The average tech stacks at banks and financial institutions could exceed 10,000 solutions and is valued at hundreds of millions of dollars per organization. And this makes tech visibility and management difficult, leading to an even greater rise in spend and technical debt. Entrio is leading the way for these organizations to better adopt technology by optimizing its use and eliminating unnecessary risks and expenses, usually in the tens of millions of dollars range.
Entrio’s Live Solutions Catalog continuously maps all third-party solutions – including where they are used and how it is used. And it categorizes their capabilities, compares them to other solutions in the market, and provides up-to-date market intelligence on vendors and solutions. Entrio enables technology leaders to evolve their tech stack with transparency, efficiency, and agility, ensuring sustainable growth for the enterprise.
Entrio was founded by Avi Cohen (CEO), Gil Devora (CBO), and Moises Cohen (CPO) in 2021. And the company is chaired by Elisha Wiesel, the former CIO of Goldman Sachs. The initial capital injection in this funding round was led by Communitas Capital Partners, joined by BNY Mellon, Vintage Investment Partners, Alicorn, and Elisha Wiesel.
KEY QUOTES:
“We’ve been fortunate to quickly achieve a strong track record with some of the world’s top tier banks. This investment allows us to continue our momentum into the broader financial industry, so insurance companies can become more agile and thrive in a world of constant change. Today’s announcement also underscores the resilience of Israeli tech and our commitment to growing our global team.”
— Avi Cohen, Co-founder & CEO of Entrio
“Tech stack optimization is a leading priority for companies today, especially those operating in complex, regulated industries like insurance. Entrio helps organizations dynamically understand what they have, how it’s being used, and what value it provides. We’re excited about how this view can help organizations reduce costs, mitigate risk, and ultimately allocate dollars to solutions that will drive the most business value.”
— Brittany Clements, American Family Ventures Managing Director
“We’re proud to be following our initial investment in Entrio with further support for the company’s vision. It’s becoming less and less of a secret that expenses in enterprises on software applications are only coming second to employees and office costs in size. That’s a serious problem given enterprises, especially large ones, still have a suboptimal ability to visualise, rationalise and manage that software and vendor stack from a cost basis, let alone usage and risk metrics.”
— Alexander Assim, Alicorn Managing Partner
