NEW YORK and TEL AVIV, Israel, July 2, 2018 /PRNewswire/ --
PlainID, an authorization management platform that disrupts the way identities, human and non-human, access data assets on prem and in the cloud, announced today that it has raised $11 Million in a Series A Round led by Viola Ventures, with participation from Capri Ventures, Springtide Ventures and iAngels.
Building on strategic wins with Fortune 500 companies, PlainID will use this strategic round to address growing demand for its platform and accelerate commercial success.
In a world with endless permutations between identities, hybrid IT environments and APIs, the company allows enterprises to control authorization policies in real-time through an agnostic, easy to configure, master policy layer.
The platform offers a clear understanding of every authorization level, in the cloud, mobile and on-premise applications, as well as complete control over the entire organization's authorization process. This gives business leaders, data governance professionals and security teams in the organization one externalized solution where they can seamlessly view and implement organizational policies across multiple protocols.
The funding round will be used to expand the Company's U.S. sales & marketing operations, customer support, and R&D team.
"The authorization landscape is changing and understanding who can access what and when becomes a critical question, that requires a good answer," said Oren Ohayon Harel, CEO and Co-Founder of PlainID. "A simplified authorization platform meets the intricate demands of a growing enterprise by maximizing security and minimizing anxiety."
"Run-time authorization is becoming more complex in an era of Enterprise automation. Current solutions no longer meet the changing requirements of hybrid IT environments, API collaboration and the introduction of more robotic process automation solutions," said Omry Ben David, Partner at Viola Ventures. "We believe that externalized fine-grain authorization will become the next large category in IAM, in a similar way to how Okta built the authentication category by externalizing the process and offering a single sign-on solution."
"PlainID provides a new generation tool allowing managers to gain control and flexibility in managing authorization across their organizations while minimizing dependency on IT specialists," said Marek Jablonsky, Executive Director atSpringtide Ventures. "Importantly, the solution also addresses regulatory requirements and provides the necessary "peace of mind" to the executives when it comes to auditable robustly process-based IAM. Building on their hands-on experience from their previous roles as IT security executives with large enterprises the founders have managed to develop a largely superior solution with a potential to disrupt and redefine the category."
About PlainID:
Founded in 2015, PlainID is an advanced policy-based access control solution which by creating lateral authorization business policies, minimizes complexity and lets business owners control and fine-tune access.
http://www.plainid.com
About Viola Ventures:
Viola Ventures is a venture capital firm, with over $1B AUM, empowering early stage start-ups to become global leaders. Founded in 2000, the fund invests in Israeli-related early stage companies and is the only Israel-based venture fund with six investing partners, solely dedicated to early-stage tech investments. PlainID is the second investment from the fifth fund recently announced.
http://www.viola-group.com
About Capri Ventures:
Capri Ventures is an early stage venture firm focused on enterprise software. With offices in NY and Tel Aviv the firm focuses predominantly on Israeli start-ups then providing deep operating support as they seek U.S. commercial success. Capri partners are comprised of seasoned software executives with a long history of operating success.
About Springtide Ventures:
An integral part of the KKCG Group, Springtide Ventures is a venture capital division specializing in search for high-potential technology startups in areas of Cybersecurity, Cloud Infrastructure, Industry 4.0., AI and Marketing. To date, Springtide Ventures has acquired stakes in the Israeli companies Bio-Nexus and Spotinst and in such Czech firms as cloud4com, Cleerio, Geewa, ThreatMark and most recently Techloop. KKCG is an international investment group, founded by Karel Komarek, holding assets worth more than EUR 4.8bn and employing a workforce of more than 3 500 people. Its long-term focus as a strategic investor rests on the production of crude oil and natural gas, the lottery industry, tourism, and investments into new technologies.
For info: Merav Meluban, Viola Ventures, +972-544-666365, meravm@viola-group.com
SOURCE Viola and PlainID
