Agentless multi-factor authentication provider Silverfort has raised $11.5 million in Series A funding. The round was led by TLV partners, with participation from the company’s early investors StageOne Ventures and Singtel Innov8.
Dramatic changes in today’s enterprise environment, including IoT and cloud, create a new attack surface that calls for a new breed of authentication solutions,
– Shahar Tzafrir, Managing Partner, TLV Partners
“We are excited to announce our Series A and to continue our growth with the support of such great investors,” said Hed Kovetz, CEO and co-founder of Silverfort. “Our goal is to enable strong authentication across all enterprise assets without reducing productivity. Existing authentication solutions can no longer handle the scale, diversity and dynamic nature of today’s networks.”
He added, “With compromised credentials being leveraged in 81% of all data breaches, it is clear that these solutions must evolve. Silverfort introduces the next generation of authentication solutions, seamlessly enabling strong authentication everywhere without any modifications to endpoints and servers. We are receiving amazing reactions from the market and plan to use the new investment to meet this demand.”
Silverfort’s platform delivers adaptive multi-factor authentication across networks and cloud environments, including systems which don’t support multi-factor authentication themselves, such as legacy systems and IoT-connected devices. It also uses an AI-powered policy engine to learn from user behaviour and enforce adaptive authentication to optimise user experience.
Existing authentication solutions can no longer handle the scale, diversity and dynamic nature of today’s networks.
– Hed Kovetz, CEO and co-founder, Silverfort
“Dramatic changes in today’s enterprise environment, including IoT and cloud, create a new attack surface that calls for a new breed of authentication solutions,” said Shahar Tzafrir, Managing Partner at TLV Partners. “Many security vendors offer multi-factor authentication solutions for modern web applications. But how do you apply the same protection to medical IoT devices, critical industrial systems, or shared folders that could be exposed to ransomware? And how do you deliver it across a hybrid or multi-cloud environment with thousands of virtual assets that are changing every day? Silverfort solves these problems for its customers by enabling strong authentication across all users, assets and environments in a unified, non-intrusive and seamless manner.”
As part of the investment, Tzafrir will be joining Silverfort’s board of directors. The company will be using the funding to expand its sales, marketing, security research and engineering teams in the US, Israel and Europe.
Tzafrir went on to say, “The company has developed impressive patent-pending technology, built a very strong team, and is uniquely positioned to disrupt the authentication market.”