entrio – an Israel-based provider of a next-generation IT asset management platform for enterprises – announced it has raised $7.5 million in funding led by Communitas Capital Partners and they were joined by BNY Mellon, Vintage Investment Partners, Alicorn and Elisha Wiesel – former CIO of Goldman Sachs.
What does entrio do? entrio is an AI-driven IT asset management solution that helps enterprises in the financial industry manage and optimize their vendor stack – which on average can exceed 10,000 solutions and is valued at hundreds of millions of dollars per organization. And the startup’s unique cloud-based platform, designed in partnership with large tier-1 enterprises, empowers IT Governance and IT Sourcing teams with the visibility, searchability and intelligence to manage their vendor stack ultimately providing customers with the data intelligence and automation needed to drive efficiency, visibility, and reusability of their on-premise and cloud solutions, and actively helps to reduce costs.
What the funding will be used for? Considering the current bear market, large enterprises are seeking ways to cut expenses while remaining compliant and in control of their assets. This funding round will enable entrio to continue developing its technology and extend its reach to even more customers globally. With this funding round and the company’s growing tier-1 customer base, the startup is positioning itself among the top players in IT asset management. And entrio also recently announced its integration of gpt-3, becoming the first one in the ITAM space to embed these capabilities. Plus the company also plans to broaden its data coverage across additional tech assets to enable enterprises to gain a holistic view of their tech stacks.
entrio’s leadership team: entrio launched its platform in 2021 after the company pivoted from its earlier business model. And the company was founded by Avi Cohen (CEO), Gil Devora (CBO), and Moises Cohen (CPO). The company is chaired by Elisha Wiesel, the former CIO of Goldman Sachs.
KEY QUOTES:
“We are honored to have received this vote of confidence from our new investors, and are fortunate to have achieved a strong track record in such a short time with some of the world’s top-tier banks. This round will allow us to continue building the best-in-class IT asset management solution for some of the most respected financial institutions and largest enterprises in the world.”
— Avi Cohen, co-founder & CEO of entrio
“We are pleased to leverage entrio’s advanced solution to optimize and manage our vendor stack. entrio’s technology will help us gain better visibility of our IT assets to drive efficiency and commercial opportunities across our organization.”
— Amy Shanle, Global Head of Enterprise Change and Resiliency Office at BNY Mellon
“entrio tackles some of the most important challenges banks have in the vendor landscape today. If I’m building a business, what are the best existing software components already in the marketplace? If I’m looking to cut redundancy and save money, how can I best assess feature overlap across my existing vendors? It’s exciting to watch the entrio team come up with much-needed, modern solutions to these long-standing use cases.”
— Elisha Wiesel, the company’s Chairman
“Demand for innovative IT asset management solutions is growing rapidly, and entrio is uniquely positioned to capitalize on this trend. We are excited to co-lead this round and partner with entrio to support their vision of revolutionizing IT asset management with their advanced technology and cutting-edge AI tools. entrio is at the frontier of solving a painful transparency problem in the management of IT assets. We think this is truly a timely opportunity for the company, its exceptional management team and their existing track record in this space. Several of the world’s most respectable financial institutions have already placed their faith in the product, and we see an accelerating trend of the same asset management problem across multiple sectors.”
— Doug Atkin, Managing Partner at Communitas Capital Partners.Alexander Assim Managing Partner at Alicorn
