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January 24, 2024
Silverfort, the Israel-based identity protection provider with offices in Boston, has raised $116 million in its latest funding round, bringing its total 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 continues its growth.
The funding follows another record year of more than 100% growth where Silverfort added tens of millions of dollars 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, already located across more than 15 countries.
Hed Kovetz, Silverfort’s co-founder and CEO, said looking ahead “we plan to invest heavily in building our end-to-end identity protection platform and also heavily invest in expanding our go to market to meet demand, with an emphasis on channel partnerships.”
Silverfort's Hed Kovetz
“For Silverfort to efficiently grow its business and maintain the first-class support of our customers, we will continue to look for partners that are investing in the specialization of sales or services and truly align with our team to best optimize our relationship as if they are a part of our company,” he said. “Delivering value and scalability for our distribution partners will be a key enabler for our growth and expansion.”
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, to legacy on-premises directories, Kovetz said.
“Silverfort’s unique platform architecture gives our partners a competitive edge and serves as a centralized enforcement engine behind all identity infrastructure silos, and as a second opinion behind-the-scenes to approve all access requests,” he said.
The platform maps a 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, Kovetz said. In addition, it 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 time and cost.
“We already built a platform that goes far beyond what point identity solutions can do,” Kovetz said. “With our single identity protection platform, we extend multifactor authentication (MFA) to resources that were previously unprotected (both human and machine identities), we give deep visibility into all of the identities in a business, and protect and detect against identity-based threats. As we look ahead, we’ll continue to go deeper into each of these product areas and add more identity security modules.”
For its channel partners specifically, Silverfort is looking to focus on a small number of elite partners, launch new certifications and/or partner levels in 2024, and increase the amount of professional services going through its partners, he said.
“We are honing in on a partner-led approach when it comes to supporting customers through their life cycle,” Kovetz said.
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