Business News Report
January 25, 2024

Silverfort Raises $116M Funding to Globally Expand its Identity Security Platform

Silverfort Raises $116M to Globally Expand its Identity Security Platform

Cybersecurity startup Silverfort raised $116 million in funding to offer identity protection by implementing a single layer that works across all the distributed environments within an enterprise. The Series D round was led by Brighton Park Capital. Existing investors including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners and Singtel Innov8 also participated.

According to Silverfort, it plans to expand its global footprint as it is currently spread over 15 countries. The company aims to use the extra funds to enhance its platform by introducing new innovative product modules and will speed up its go-to-market strategy with a focus on building channel partnerships.

The startup recognizes that there are multiple potential breach points including people, machines, clouds and both legacy and new applications. Hence, the company emphasizes the importance of securing identity authentication across all interactions to mitigate malicious exploits.

“Identity has become the weakest link in enterprise security, and solving it requires a new approach – a unified, end-to-end layer of security that covers all the silos and blind spots of the identity infrastructure,” said Hed Kovetz, co-founder and CEO of Silverfort.

“We are very excited about our new partnership with BPC, which will allow us to accelerate our platform vision and strong business momentum. We look forward to reshaping the way identity security is done in every company, to effectively answer today’s and tomorrow’s cyber threats,” he added.

Silverfort’s Approach for Enterprise-Wide Identity Security

According to the company, compromised identities have emerged as a dominant tactic utilized by cyberattackers to breach organizational networks. Moreover, the migration of enterprises to hybrid and multi-cloud environments has led to fragmentation, with 92% of companies relying on a mix of cloud-native and on-premises identity solutions from multiple vendors. This creates silos, each with its local security controls, leaving critical resources vulnerable to exploitation by threat actors.

Silverfort’s platform aims to eliminate these silos and blind spots in identity security.

The platform’s key features include multi-factor authentication (MFA), identity threat detection and response (ITDR), identity security posture management (ISPM), and real-time protection for privileged users and service accounts – prime targets for attackers.

Silverfort’s technology connects to an organization’s entire identity infrastructure, serving as a centralized enforcement engine that analyzes security posture, inspects access attempts in real-time, and enforces active inline policies invisibly across all environments, it added.

With cybersecurity threats becoming increasingly sophisticated, solutions like Silverfort’s platform represent the a step forward in safeguarding organizational networks against the threat of compromised identities. As organizations grapple with the complex challenges of securing their digital infrastructure, enterprises need to stay ahead of emerging threats and ensure identity security in the current cyber landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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