Silverfort has announced it 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 brings Silverfort’s total funding to over $100m.
“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.”
“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.”
“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.”