Authentication provider Silverfort earns $11.5m.
Israeli authentication provider Silverfort announced an $11.5 million Series A round, led by TLV partners with participation of the company’s early investors StageOne Ventures and Singtel Innov8.
Silverfort will use the funds to address growing demand for its innovative authentication platform, which enables adaptive multi-factor authentication for sensitive assets without integration or loss of productivity. The company has customers across the financial, healthcare, energy, legal and technology industries, and formed strategic partnerships with top security vendors.
Silverfort offers an authentication platform, which seamlessly delivers adaptive multi-factor authentication across entire networks and cloud environments. This includes even systems that don’t support multi-factor authentication today, such as proprietary systems, IoT devices, shared files and folders, industrial control systems (ICS) and more. Silverfort’s patent-pending technology is non-intrusive and does not require deployment of software agents or inline gateways. 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.
Silverfort was founded in 2016 by CEO Hed Kovetz, Matan Fattal and Yaron Kassner, top cybersecurity and cryptography experts from the elite 8200 cyber unit of the Israeli Intelligence Corps, with substantial industry experience. Following the new investment, the company plans to expand its sales, marketing, security research and engineering teams in the US, Israel and Europe.
Kovetz said, “Our goal is to enable strong authentication across all enterprise assets without reducing productivity. Existing authentication solutions can no longer handle the scale, diversity and dynamic nature of today’s networks. With compromised credentials being leveraged in 81% of all data breaches, it is clear that these solutions must evolve. Silverfort introduces the next generation of authentication solutions, seamlessly enabling strong authentication everywhere without any modifications to endpoints and servers. We are receiving amazing reactions from the market and plan to use the new investment to meet this demand.”
Silverfort has also built a powerful AI-based policy engine. The platform’s broad coverage provides an important advantage – the ability to learn user behavior across all systems and environments, and to enforce adaptive authentication wherever needed with minimal impact on user experience. To further improve it, Silverfort integrates with leading 3rd party security products (for example, the recently announced partnership with Palo Alto Networks), and can trigger step-up authentication according to their alerts. These integrations enable real-time threat prevention without blocking legitimate users, therefore improving both security and productivity. (Globes/TNS)