Silverfort Raises $116M to Deliver a Unified Layer of Identity Security Across All Enterprise Resources, Including Previously 'Unprotectable' Ones
Following 100%+ year-over-year revenue growth, with 100+ customers added quarterly, including multiple Fortune 50 companies, Silverfort announces Series D funding, led by Brighton Park Capital
TEL AVIV, Israel and BOSTON, Jan. 23, 2024 /PRNewswire/ -- Silverfort, the leading identity protection company, today celebrates raising $116M in series D funding, bringing the total amount raised to $222M. Brighton Park Capital (BPC) led the 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.
100%+ Year-Over-Year Growth, At Scale
The investment 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. Ranked as the #1 Best Startup Company to Work For in Israel for the second consecutive year, Silverfort intends to grow its global team, already located across more than 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.
Identity Is Every Attacker's Weapon of Choice – And There's a Reason
Compromised identities and credentials are the #1 tactic for cyber threat actors and ransomware campaigns to not only break into organizational networks, but to spread inside networks. 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. In reality, they are not in a position to secure identity effectively, due to two major limitations:
- The migration to hybrid and multi-cloud environments resulted in fragmented, complex enterprise environments: 92% of companies are forced to use a combination of cloud-native and on-prem identity solutions, often from multiple vendors. 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.
- Many critical resources found at every company cannot be protected by IAM and identity security solutions. Resources such as command-line interfaces (used in most data breaches), legacy systems, service accounts (non-human identities), file shares and databases, IT/OT infrastructure, amongst others, are regularly used by attackers as the easiest way to access sensitive networks and avoid the existing security controls.
Where No Identity Security Platform Has Gone Before
Silverfort spent years purposely designing its platform to eliminate the silos and blind spots that identity security suffered from for many years, which no other solution has managed to address so far. 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 —an attacker's prime target. By enabling these modern identity security controls holistically, even for previously unprotectable assets, customers are able to stop identity-based attacks everywhere (including by some of today's most dangerous threat actors), and comply with regulations and cyber insurance requirements.
"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," said Mike Gregoire. "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."
Enabling Modern Security on Top of Every Authentication
With its patented technology, Silverfort connects to the entirety of an organization's identity infrastructure in a matter of hours, from cloud-native identity providers (which are only aware of what happens inside their specific silo) to legacy on-prem directories such as Active Directory (which are missing basic security capabilities). Silverfort's unique platform architecture:
- Serves as a centralized enforcement engine behind all identity infrastructure silos, and as a 'second opinion' behind-the-scenes to approve all access requests.
- Maps the company's entire identity infrastructure, analyzes its security posture, inspects every access attempt across all environments in real-time, and most importantly – enforces active inline policies to verify the user's identity or to prevent unauthorized access.
- Operates in a way that is completely 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. Organizations can protect every type of system, saving enormous time and cost.
"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," said Hed Kovetz, Silverfort's Co-Founder and CEO. "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."
Learn more about how Silverfort helps businesses protect identities with its unified identity protection platform.
About Silverfort
Silverfort, the Unified Identity Protection company, pioneered the first and only platform that enables modern identity security everywhere. By connecting to the silos of the enterprise identity infrastructure, Silverfort unifies identity security across all on-prem and the cloud environments. With its unique architecture and vendor agnostic approach, Silverfort takes away the complexity of securing every identity, and extends protection to resources that cannot be protected by any other solution, such as legacy systems, command-line interfaces, service accounts (non-human identities), IT/OT infrastructure, amongst others. Silverfort is a Top Tier Microsoft partner and was selected as Microsoft's Zero Trust Champion of the Year. It's trusted by hundreds of the world's leading enterprises, including multiple Fortune 50 companies, and has local teams in more than 15 countries. Learn more by visiting www.silverfort.com.
About Brighton Park Capital
Brighton Park Capital is a Greenwich, Conn.-based investment firm focused on entrepreneur-led, growth-stage software, healthcare, and tech-enabled services companies. The firm invests in companies that provide highly innovative solutions in partnership with great management teams. Brighton Park brings purpose-built value-add capabilities that match the unique requirements of each of its companies. For more information about Brighton Park Capital, please visit www.bpc.com.
SOURCE Silverfort Ltd
Share this article