While the coronavirus pandemic upends the economies of countries around the world, there are welcome indications that some major cybersecurity firms still see a bright future on the horizon.
A specific example of one company whose vision extends beyond the current economic strife is found in Silverfort. Silverfort, the provider of the industry’s first agentless, proxyless authentication platform, announced today that it has raised $30 million in a Series B investment round. The new funding will allow Silverfort to further accelerate the company’s fast growth and meet the increasing customer demand for secure authentication and access solutions, boosted by the global shift to remote work. The financing was led by Aspect Ventures, with Citi Ventures, Maor Investments, and the company’s early investors TLV Partners, StageOne Ventures, and Singtel Innov8. Mark Kraynak from Aspect Ventures will be joining Silverfort’s board of directors. This funding round follows a milestone year of growth for Silverfort and brings the total investments in the company to $41.5 million.
“The shift to hybrid and multi-cloud environments, combined with the dramatic acceleration of remote work, is driving the need for secure authentication and access of corporate users beyond the perimeter,” said Mark Kraynak, Venture Partner with Aspect Ventures. “Implementing these security controls system-by-system is no longer realistic. Silverfort brings a disruptive technology that is uniquely designed for the perimeter-less era. We are very impressed by the company’s customer traction, leadership and product vision, and excited to help it accelerate its growth.”
“We are proud to support Silverfort as investors, and to see a market leader come out of Citi’s Accelerator program” says Ornit Shinar, Head of Ventures Investments in Citi Israel. “Silverfort’s solution has proven not only to be valuable but in many cases, a necessity. Especially these days, when millions of people around the world have to work and access corporate resources remotely.”
Silverfort developed an innovative platform that seamlessly enforces secure authentication and access policies (including Multi-Factor Authentication, Risk-Based Authentication, Zero Trust, and more) for any user, device, and system, both on-premises and in the cloud, without the need to deploy any agents, SDKs or proxies. Its unique architecture allows Silverfort to protect large and complex networks and cloud environments in a unified manner, with an AI-driven risk engine that automatically adjusts policies based on the user’s behavior, and prevents threats such as account takeover, ransomware, and lateral movement.
“With the shift to remote working, secure employee authentication and access to company networks and systems have grown increasingly important for enterprises,” said William Woo, Group CIO at Singtel. “However, many large enterprises find it difficult to implement such controls across all their different environments quickly. Silverfort’s innovative solution simplifies this process without requiring system modifications, enabling them to save time and costs.”
Silverfort enables its customers to protect many sensitive systems that other vendors can’t integrate with, such as homegrown/legacy systems, critical infrastructure, file systems, IoT, command-line interfaces, machine-to-machine access and more. Silverfort also allows customers to migrate their existing servers and applications to the cloud in a secure manner without modifying them.
“We are thrilled to have the support of such great investors who share our vision”, said Hed Kovetz, CEO and Co-Founder of Silverfort. “The increased enterprise adoption of cloud, IoT, BYOD, and remote work is creating major challenges for implementing secure authentication and access and calls for a more unified approach. We are excited to continue on our mission to help more companies leverage identity as their new perimeter, and effectively prevent emerging cyber threats.”
Silverfort was founded by Hed Kovetz, Yaron Kassner and Matan Fattal, cybersecurity and cryptography experts who previously served in the Israeli 8200 elite cyber unit. It has large enterprise customers around the world and partnerships with top security vendors and channel partners. This additional funding will allow Silverfort to expand its sales, marketing, engineering, and customer success teams around the world.
Silverfort delivers secure authentication and Zero Trust policies across corporate networks and cloud environments, without deploying any software agents or inline proxies. Using patent-pending technology, Silverfort enables risk-based multi-factor authentication for all sensitive users, devices, and resources, including systems that could not be protected until today, such as homegrown applications, IT infrastructure, file systems, machine-to-machine access and more. Silverfort allows organizations to prevent data breaches and achieve compliance by preventing identity-based attacks across complex, dynamic networks, and cloud environments.
The company has been named a Gartner’ Cool Vendor’, a 451 Research ‘FireStarter’, and a CNBC’ Upstart 100’, and has received worldwide recognition and awards, including Citi’s Most Promising Fintech Startups for 2020 in the Cybersecurity Category, Most Promising Cybersecurity Startup of the Year by CDM Magazine, and more.
Steven Bowcut is an award-winning journalist covering cyber and physical security. He is an editor and writer for Brilliance Security Magazine as well as other security and non-security online publications. Follow and connect with Steve on Twitter, Instagram, and LinkedIn.