Led by Greenfield Partners and strategic investors such as General Motors, the new funding will further accelerate the company’s growth to deliver holistic identity security
BOSTON & TEL AVIV, April 12, 2022 – Silverfort, provider of the world’s first Unified Identity Threat Protection platform, has closed $65m in Series C funding led by Greenfield Partners, alongside several VC’s and strategic investors, including GM Ventures, Acrew Capital, Vintage Investment Partners and existing investors StageOne Ventures, Singtel Innov8, Citi Ventures, Aspect Ventures and Maor Investments.
The new investment, which brings Silverfort’s total funding to over $100m, follows rapid growth which saw Annual Recurring Revenue triple with hundreds of customers – including Fortune 100 companies. The funding will be used to scale the business and team globally and continue to expand the platform’s unique technological advantage.
“The company has spent years building a best-in-class platform to solve holistically a growing security problem now gaining mainstream awareness,” said Avery Schwartz, Partner at Greenfield Partners who will join the company’s board of directors. “We are energized both by the positive impact the company’s technology is having and by the leadership’s vision and passion. It is clear to us that Silverfort’s strong momentum in the market is just the start, and we are excited to join them on this journey.”
Silverfort delivers Identity Threat Detection and Response (ITDR) and Identity Threat Prevention (ITP) capabilities as a unified layer on top of a customer’s existing Identity and Access Management (IAM) infrastructure, including both modern and legacy solutions, to stop identity-based attacks across the enterprise. Silverfort’s patented technology achieves this in a way that doesn’t require modifications to the customer’s endpoints, servers or applications – a capability which is currently unmatched in the market. It also enables customers to extend security controls such as Multi-Factor Authentication (MFA) from any vendor to previously unsupported resources and environments, or even consolidate their hybrid IAM stack by ‘bridging’ legacy systems and protocols into modern identity platforms like Azure AD.
“Identity security can no longer be a ‘feature’ that works in silos within each IAM platform, while leaving many sensitive resources out of scope,” said Hed Kovetz, Silverfort’s Co-Founder and CEO. “This lack of end-to-end identity threat protection has turned identity into today’s #1 attack surface, with compromised credentials being leveraged in 80% of all data breaches and ransomware campaigns. This problem required a new approach to identity security: a unified Zero Trust security layer that works on top of all modern and legacy IAM infrastructure, and covers all users, resources and environments.”
According to Gartner®, in the Top Trends in Cybersecurity 2022 report (February 2022), “Many IAM tools are operating in silos that are not visible to incident responders. Organizations must re-evaluate their IAM infrastructure with a goal of identifying opportunities for detecting compromise and immediately investigating and responding… This year, we are introducing a new term, ’identity threat detection and response’ (ITDR) to describe the collection of tools and best practices to successfully defend identity systems from endemic levels of attacks.”
“We are uniquely positioned to become the leader in ITDR and identity security in general, having spent years building and perfecting our unique platform for this exact purpose,” Kovetz added. “Our agentless and proxyless technology consolidates detection, response and prevention across all IAM platforms – even in places where it was completely missing. Many of our customers have reported cases where the platform detected and stopped account takeover, lateral movement and ransomware propagation attempts. Our approach is already changing the identity security market and will gradually reshape it completely. The numbers speak for themselves: over 90% of those who trial our platform become customers, and we are adding a double-digit number of customers every month.”
Silverfort’s platform also enables customers to protect previously ‘unprotectable’ resources without requiring agents, proxies or application changes. This includes legacy systems, command-line interfaces, industrial OT systems (including air-gapped networks), IT infrastructure, service accounts (machine-to-machine access) and more. “These previously unprotected assets are often viewed as the weakest link in enterprise security,” said Yaron Kassner, Silverfort’s Co-Founder and CTO. “By enabling secure authentication and access to these assets, Silverfort allows companies to close their deepest security gaps, and to comply with regulations and cyber insurance requirements.”
“The need for robust threat protection across the enterprise is more prevalent today than ever before, as traditional network parameters rapidly change and new threats emerge,” said Wade Sheffer, Managing Director, GM Ventures. “Our investment in Silverfort underscores GM Ventures’ commitment to identifying next generation technologies that will enhance a business’ digital enterprise while supporting GM’s transformation to a technology leader and platform innovator. We are optimistic about Silverfort’s growth and believe their technology has the potential to stop future identity-based threats at GM and beyond.”
More information can be found at www.silverfort.com
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Silverfort is the leader in Identity Threat Protection, enabling secure authentication and access in a unified manner across all corporate resources, both on-premises and in the cloud, to detect and stop identity-based attacks including account takeover and ransomware propagation. Using patented technology, Silverfort enforces its protection as a layer on top of the customer’s existing IAM infrastructure, without requiring modifications to endpoints, servers or applications – a capability which is unmatched in the market. This includes resources that couldn’t be protected before, such as legacy applications, command-line interfaces, industrial systems, machine-to-machine access and more. Its platform enables Identity Threat Detection and Response (ITDR), agentless Multi-Factor Authentication (MFA), discovery and protection of service accounts (non-human identities), and adaptive Zero Trust security policies. Silverfort is trusted by hundreds of enterprise customers around the world, including Fortune 100 companies. It has been named a Gartner ‘Cool Vendor’ and received dozens of other industry awards. See a demo to learn more.
About Greenfield Partners
Greenfield Partners is an investment firm focused on exceptional early growth stage technology businesses. With a dual presence in Tel Aviv and New York, the Greenfield team fuses deep local Israeli roots and an expansive global network to support entrepreneurs in their quest to build thriving technology companies. For more information, please visit http://greenfield-growth.com.
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