Cybersecurity startup Silverfort announced Tuesday (April 12) that it raised $65 million in a Series C funding round to advance its authentication platform and expand its proprietary technology to reduce identity-based cyber attacks.
The funding was led by Greenfield Partners with participation from new investors GM Ventures, Acrew Capital, Vintage Investment Partners and existing backers StageOne Ventures, Singtel Innov8, Citi Ventures, Aspect Ventures and Maor Investments. Silverfort has now raised more than $100 million to date.
Headquartered in Tel Aviv, Israel, Silverfort was co-founded in 2016 by CEO Hed Kovetz, Chief Technology Officer Yaron Kassner and Matan Fattal. The startup focuses on protecting companies from data breaches, cyber attacks and insider threats in real time and enables enterprises to close security and compliance gaps.
Silverfort specializes in bringing risk-based multi-factor authentication to users, devices and resources across an organization.
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“We all know that identities have become the most vulnerable attack surface in enterprises, just because they’re the easiest to target,” the company said in its announcement. “Yet even though every organization seems to have a solution in place, these attacks persist in dominating the threat landscape.
“It’s taken a while for the market to understand the depth of the problem. But our rapid growth and customer adoption, and this new round of funding, are demonstrating that we’re solving a major problem from which almost every organization suffers — identity-based attacks.”
An estimated 80% of data breaches and ransomware attacks rely on compromised user identities and credentials. Because enterprise identity is currently created in silos across various environments, security is often inconsistent or lacking for a lot of corporate resources. Full protection often can’t be provided for all users, systems and environments.
Silverfort said Identity Threat Detection and Response, Identity Threat Prevention, multi-factor authentication and Zero Trust security policies are enabled by the company as a transparent layer on top of legacy and modern identity and access management (IAM) solutions.