Silverfort Raises $116M to Unify Identity Protection
January 2024 by Silverfort
What a year…
Despite the economic and geo-political challenges we’ve been experiencing over the last months, Silverfort has grown at a tremendous pace. In 2023, as in the three years prior, we grew our annual recurring revenues (ARR) more than 100% year-over-year, adding tens of millions in new ARR. Much of this success is thanks to our amazing channel partners, who are the heart of our growth strategy. Some of the world’s largest enterprises now trust Silverfort to protect their corporate identities, including multiple Fortune 25 companies, with more than 100 new customers joining us each quarter. I am incredibly thankful to our customers for partnering with us and helping us build this company and product. To meet this significant demand, our team also grew by 60% in 2023 to nearly 300 employees across the globe, all dedicated to delivering the best product and experience for our customers.
Today, we announce $116M in new financing from Brighton Park Capital (BPC), alongside many of our existing investors, bringing our total funding to $222M. The BPC team has been great to work with throughout the fundraising process. They have an impressive level of understanding of our market and they share our vision for it. They also bring a lot of experience that will help us as we build a large company and reshape the way identity protection is done in every organization.
Before I say anything else, I want to thank our team for making this success and this milestone possible. When we founded this company, I hoped to build a culture where people work together in true teamwork, and where ideas, creativity, and inclusivity thrive. Silverfort was recently recognized as the best startup company to work for in Israel for the second year in a row, and I couldn’t be prouder. This team’s hard work, customer-focus, and commitment to solving challenging problems is why we are seeing these great results and why I am so excited about where we will take this company and product next. Thank you for joining me in building this.
When Yaron, Matan, and I started this company, our goal was to solve a very difficult and rapidly growing problem that many organizations face. Compromised identities are now the weapon of choice for attackers, making identity the most vulnerable element of the enterprise attack surface. Attackers are taking advantage of the blind spots that exist in almost every organization’s IAM infrastructure, which couldn’t previously be protected. This can be partially attributed to a market misperception that IAM providers, who manage identities, are also responsible for securing them, while in fact they are not able to for two major reasons:
The migration of many enterprises to hybrid and multi-cloud environments created a fragmented, complex IAM infrastructure: 92% of companies are now using a combination of cloud-native and on-prem identity solutions, often from multiple competing vendors. Each identity solution operates as a “silo” with its own local security controls, without understanding the broader context of a user’s activity and without any consistent enforcement measures that work across the distributed identity environments.
IAM and point identity security solutions are unable to protect many critical resources, including those attackers frequently target in data breaches – such as command-line interfaces, legacy systems, service accounts (non-human identities), file shares, databases, and IT/OT infrastructure. These resources allow attackers to avoid the existing identity security controls, making these controls ineffective.
Unifying Identity Protection with a Single Platform
Our goal is to develop a platform that unifies identity protection with a single layer that operates on top of all the distributed “silos” of the enterprise identity infrastructure. Our Unified Identity Protection platform extends modern security measures to every identity in the organization, regardless of whether it’s a human or a machine, on-prem or in the cloud, or anything in between. We pioneered a unique architecture that extends identity protection to previously “unprotectable” resources. Imagine enabling security controls like MFA or Zero Trust access policies to legacy systems, service accounts, command-line tools, IT/OT infrastructure and more – it’s now not only possible, but also easy.
Working closely with our customers and partners, we purposely designed our platform to be extremely quick and simple to deploy and use, without the need to modify all these countless systems that we are protecting. There’s no need to install or configure anything on them or to deploy proxies in front of them. This means we can make identity security available everywhere and effectively stop identity threats like account takeover, lateral movement, and ransomware propagation. If you want to learn more, see a demo.
Leading the Identity Security Market
Looking ahead, we plan to invest heavily in expanding our platform, both by broadening the capabilities of our existing product modules and by developing several new innovative modules to offer the most complete, end-to-end identity protection solution in the market.
I am very excited to welcome Mike Gregoire, Co-Founder and Partner at Brighton Park Capital, to the Silverfort Board of Directors. Mike was previously the CEO of CA Technologies and Taleo, and his experience will help us tremendously as we scale our company to meet customers’ needs and position Silverfort as the leader of the rapidly growing identity security market. I am very excited to partner with Mike and the great team at BPC.
We’re hiring – so if you want to help transform how businesses secure their identities, come join us!
Ready for a Demo?