Silverfort, the Israeli/U.S. startup, is revolutionizing the approach to identity security in organizations. With the constant threat of potential breaches, it is crucial to secure all points of interaction, whether it be between people, machines, clouds, or various apps. Silverfort has proven to be an expert in this area, and as a result, they are acquiring 100 new customers every quarter. Their revenue has been rapidly growing, with annual growth of 100%, and their ARR in the tens of millions of dollars. This impressive success has not gone unnoticed, and Silverfort has recently received $116 million in funding at a valuation of around $1 billion according to reliable sources.
In an interview, CEO and co-founder Hed Kovetz shared their belief that Silverfort can be the ultimate solution for all identity security needs. “We strive to be the ultimate identity security layer that covers all silos,” Kovetz says of their mission.
Leading the all-equity round is Brighton Park Capital, with a mix of strategic and financial investors participating, including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners, and Singtel Innov8.
As experts in the security technology field know, there are countless domains and approaches to securing data and information. In recent years, identity authentication has emerged as a particularly interesting area, especially with the rise of cloud architecture. This has created a whole new world of interconnectedness between business software, apps, and workers, making it more dynamic and productive. However, with every point of interaction comes the need for authentication, making each one a potential vulnerability. This is compounded by the fact that much of this authentication is automated, and vulnerabilities can easily be created, even with the most innocent code.
Ironically, the most disruptive technology is often the most user-friendly, asking little of its users to get started. This is the case with Silverfort, which seamlessly integrates with any existing ID management products an organization may already be using. Silverfort acts as a snapshot of the entire network, encompassing not just workers but also machines and apps. It provides crucial observation around the entire landscape, monitoring for any unusual activity and responding to it with its powerful Threat Detection and Response (ITDR) and Identity Threat Prevention (ITP) capabilities.
As we have previously described, Silverfort’s aim is not to build another competing ID platform, but to “sit behind all the other platforms,” as Kovetz describes it. Other platforms forward authentications to Silverfort, which then provides a crucial “second opinion” when authenticating a user or machine. Their all-in approach also includes legacy apps and end points, which is vital in the pursuit of digital transformation. In reality, most businesses will not be able to completely revamp their systems and hardware, but they can gradually update over time.
“Silverfort is one of the few companies that has truly understood how a large market will need to transform in order to solve a challenging problem – in this case, identity security,” says Mike Gregoire, a partner at Brighton Park Capital, in a statement. “They have a proven track record of creating innovative products that exceed customer expectations, combined with impeccable go-to-market execution. Silverfort’s extensive market expertise and vision for the identity security market, along with their ability to build a winning team and culture, is unmatched.” Gregoire, who previously served as CEO of CA Technologies and Taleo, is joining Silverfort’s board with this round.
