Silverfort – a leading identity protection company – recently announced $116 million in series D funding, bringing the total amount raised to $222 million. Brighton Park Capital (BPC) led the funding round, with participation from existing investors, including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners, and Singtel Innov8.
Mike Gregoire (founding Partner at BPC and former CEO of CA Technologies and Taleo) will join Silverfort’s Board of Directors as the company scales and continues its journey to transform and lead the identity security market.
This funding round follows another record year of more than 100% growth where Silverfort added tens of millions in new Annual Recurring Revenue (ARR), and hundreds of new enterprise customers, including the largest global financial services, manufacturing and retail companies. Silverfort plans to grow its global team, which is already located across over 15 countries, and will use the additional funds to expand its platform with new innovative product modules and accelerate its go-to-market strategy with an emphasis on channel partnerships.
Compromised identities and credentials are the biggest tactic for cyber threat actors and ransomware campaigns to not only break into organizational networks, but to spread inside networks. And a core reason identity is the most vulnerable element in the enterprise attack surface is the market misperception that Identity and Access Management (IAM) providers (who are in charge of managing identities) are capable of securing identities. But they are not in a position to secure identity effectively, due to two major limitations:
The migration to hybrid and multi-cloud environments have been driving fragmented and complex enterprise environments: 92% of companies are forced to use a combination of cloud-native and on-prem identity solutions, often from multiple vendors. And each of these solutions operates as a ‘silo’, with its own local security controls, without understanding the broader context of the user’s activity and without any consistent enforcement across the organization.
Silverfort spent years purposely designing its platform to eliminate the silos and blind spots that identity security teams suffered from for many years. And the platform extends modern identity security measures to every enterprise resource, on-prem and in the cloud, including systems that no other solution can protect, in an effortless and instant manner. It enables Multi-Factor Authentication (MFA), Identity Threat Detection and Response (ITDR), Identity Security Posture Management (ISPM), and real-time protection for privileged users and service accounts – which is an attacker’s prime target.
Silverfort connects to the entirety of an organization’s identity infrastructure in a matter of hours, ranging from cloud-native identity providers to legacy on-prem directories like Active Directory. Silverfort’s platform architecture:
1.) Serves as a centralized enforcement engine behind all identity infrastructure silos and as a second opinion behind-the-scenes to approve all access requests.
2.) Maps the company’s entire identity infrastructure, analyzes its security posture, inspects every access attempt across all environments in real time, and enforces active inline policies to verify the user’s identity or to prevent unauthorized access.
3.) Operates in a way that is invisible to the countless devices, servers and applications that it protects, eliminating the need to modify them, integrate with them, or install anything on them. And organizations can protect every type of system, saving enormous time and cost.
KEY QUOTES:
“Silverfort is one of the rare companies that has successfully envisioned how a large market will need to transform to solve a tough problem – in this case, identity security. The company has a track record of building innovative products at scale that exceed customer expectations, combined with excellent go-to-market execution. Silverfort’s deep market expertise and vision for the identity security market, as well as their ability to build a winning team and culture, are second to none. We’re thrilled to join Hed, Yaron, and the rest of the Silverfort team on the next phase of their journey to not only reshape the identity security market, but lead it.”
– Mike Gregoire, founding Partner at BPC and former CEO of CA Technologies and Taleo, who will join Silverfort’s Board of Directors
“Identity has become the weakest link in enterprise security, and solving it requires a new approach – a unified, end-to-end layer of security that covers all the silos and blind spots of the identity infrastructure. We are very excited about our new partnership with BPC, which will allow us to accelerate our platform vision and strong business momentum. We look forward to reshaping the way identity security is done in every company, to effectively answer today’s and tomorrow’s cyber threats.”
– Hed Kovetz, Silverfort’s Co-Founder and CEO
