Silverfort Plans Platform Expansion with $116M Funding Round

Israeli cybersecurity startup Silverfort announced $116 million in Series D funding Tuesday, a haul that the CEO told Information Security Media Group will be used to further invest in its end-to-end identity protection platform.

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The funding from Brighton Park Capital and other investors will also allow Silverfort to expand its platform with new product modules and spend on expanding its go-to-market strategy to meet demand, according to CEO and co-founder Hed Kovetz.

“Until Silverfort, the tools to protect identity were either nonexistent or in silos, and it’s those gaps and blind spots that attackers use to break into a network and wreak havoc,” Kovetz said.

Funding rounds worth more than $100 million are lately rarer than a month without zero-days as investors continue to proceed with caution amid uncertain economic times (see: How Cybersecurity Startups Can Weather the Economic Storm).

Silverfort nonetheless said it has seen 100% year-over-year revenue growth and added more than 100 customers quarterly, including multiple Fortune 500 companies. The latest funding led by Brighton Park Capital also included investors such as Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners and Singtel Innov8.

The company is aiming to address gaps in security caused by what Kovetz described as a “market misperception” that identity access management solutions secure identities.

“IAM providers are excellent at managing identities, but they are not in a position to secure them,” Kovetz said. “Even more, critical resources that exist in nearly every business cannot be protected by IAM or smaller identity security products.”

Kovetz said command line interfaces, legacy systems, file-sharing solutions and other tools are “regularly used by attackers” and “still regularly go unprotected.”

The company bills its identity protection solution as “the world’s first unified identity threat protection platform” and says it “extends modern identity security measures to every enterprise resource, on-prem and in the cloud.”

Silverfort currently operates in more than 15 countries, and it plans to use the funding to further its organic growth, the company said in an announcement. The latest round of investments brought its total funding to $222 million.

The company also announced Tuesday that Mike Gregoire, founding partner at BPC and former CEO of CA Technologies and Taleo, will join Silverfort’s board of directors “as the company scales and continues its journey to transform and lead the identity security market.”

“Silverfort is one of the rare companies that has successfully envisioned how a large market will need to transform to solve a tough problem – in this case, identity security,” Gregoire said in a statement. “The company has a track record of building innovative products at scale that exceed customer expectations, combined with excellent go-to-market execution.”