Silverfort, a Tel Aviv, Israel-based security startup and a provider of the industry’s first agentless, proxyless authentication platform, announced today that it has raised $30 million in a series B investment round to accelerate the its fast growth and meet the increasing customer demand for secure authentication and access solutions, which is boosted by the global shift to remote work.
The round was led by Aspect Ventures, with participation of Citi Ventures, Maor Investments, and the company’s early investors TLV Partners, StageOne Ventures and Singtel Innov8. Mark Kraynak from Aspect Ventures will be joining Silverfort’s board of directors. The latest funding brings the total investments raised by Silverfort to $41.5 million. This additional funding will also allow Silverfort to expand its sales, marketing, engineering and customer success teams around the world.
Founded in 2016 by Hed Kovetz, Yaron Kassner and Matan Fattal, cybersecurity and leading cybersecurity and cryptography experts from the 8200 elite cyber unit of the Israeli Intelligence Corps. Silverfort offers a revolutionary authentication platform for enterprises, which delivers strong authentication across entire corporate networks, industrial networks and cloud environments, without requiring any modifications to endpoints and server.
Silverfort has large customers across multiple industries as well as strategic partnerships with top security vendors. Its technology enables adaptive multi-factor authentication even for systems that don’t support it today, including proprietary systems, IoT devices, file shares, critical infrastructure and more. It allows companies to secure corporate identities and critical assets, prevent data breaches and achieve compliance with regulations like GDPR, PCI and HIPAA without costly integration and without reducing productivity.
“The shift to hybrid and multi-cloud environments, combined with the dramatic acceleration of remote work is driving the need for secure authentication and access of corporate users beyond the perimeter,” said Mark Kraynak, Venture Partner with Aspect Ventures. “Implementing these security controls system-by-system is no longer realistic. Silverfort brings a disruptive technology that is uniquely designed for the perimeter-less era. We are very impressed by the company’s customer traction, leadership and product vision, and excited to help it accelerate its growth.”
“We are proud to support Silverfort as investors, and to see a market leader come out of Citi’s Accelerator program,” says Ornit Shinar, Head of Ventures Investments in Citi Israel. “Silverfort’s solution has proven not only to be valuable, but in many cases, a necessity. Especially these days, when millions of people around the world have to work and access corporate resources remotely.”
Silverfort developed an innovative platform that seamlessly enforces secure authentication and access policies (including Multi-Factor Authentication, Risk-Based Authentication, Zero Trust and more) for any user, device and system, both on-premises and in the cloud, without the need to deploy any agents, SDKs or proxies. Its unique architecture allows Silverfort to protect large and complex networks and cloud environments in a unified manner, with an AI-driven risk engine that automatically adjusts policies based on the user’s behavior, and prevents threats such as account takeover, ransomware and lateral movement.
“With the shift to remote working, secure employee authentication and access to company networks and systems have grown increasingly important for enterprises,” said William Woo, Group CIO at Singtel. “However, many large enterprises find it difficult to implement such controls across all their different environments quickly. Silverfort’s innovative solution simplifies this process without requiring system modifications, enabling them to save time and costs.”
Silverfort enables its customers to protect many sensitive systems that other vendors can’t integrate with, such as homegrown/legacy systems, critical infrastructure, file systems, IoT, command-line interfaces, machine-to-machine access and more. Silverfort also allows customers to migrate their existing servers and applications to the cloud in a secure manner without having to modify them.
“We are thrilled to have the support of such great investors who share our vision,” said Hed Kovetz, CEO and Co-Founder of Silverfort. “The increased enterprise adoption of cloud, IoT, BYOD and remote work is creating major challenges for implementing secure authentication and access, and calls for a more unified approach. We are excited to continue on our mission to help more companies leverage identity as their new perimeter, and effectively prevent emerging cyber threats.”