Announces the appointment of three new senior executives, Gil Levonai as Chief Marketing Officer, Thomas Ammirati as Chief Revenue Officer and Eli Shay as Vice President of Global Services
TEL AVIV, Israel and NEW YORK, December 21, 2021 / PRNewswire / – PlainID, a leading provider of cybersecurity, authorization and identity access management (IAM) solutions, today announced that it has $ 75 million in Series C funding. The round was led by New YorkGlobal venture capital and private equity firm Insight Partners, headquartered globally, with participation from Itai Tsiddon, Viola Ventures and all other existing investors. PlainID will use the funding to expand its Go-To-Market strategy, accelerate product development and pursue its vision of enabling organizations to easily and securely govern, administer and control who can access assets in their digital landscape. .
Founded in Israel in 2014, PlainID offers innovative solutions in the field of IAM and cybersecurity by providing a policy-based access management layer, using a real-time decision engine to control who has access to what. Its Policy Manager and Partner Manager solutions were developed to deliver instant, secure digital experiences, with authorized users accessing the data and applications they need without delay or compromising security.
“This major funding round is an important milestone for PlainID and will allow us to significantly evolve our platform to respond to the huge opportunities that exist in the IAM and cybersecurity markets,” commented Oren Ohayon Harel, CEO and co-founder, PlainID. “Our technology enables organizations to augment and consolidate management of their IAM policies using a scalable Execution Authorization engine and an intuitive user interface that enables them to adopt a mesh architecture. security, while securing their digital assets by centralizing control of who can access what and when across the technology stack. “
“PlainID has developed a compelling proposal that centralizes the management of access policies in a traditionally decentralized and manual identity and access management space”, commented Steve ward, Managing Director at Insight Partners. “We are delighted to make this important investment in the future of the company, which has the team, the experience, the product innovation and the roadmap to continue its momentum in 2021. We look forward to partnering with PlainID as they continue to grow and focus on solutions that empower their customers and business partners. “
The availability of ubiquitous digital resources and experiences in a zero-trust world means that security and risk management teams need to focus more on delivering the high levels of security required in complex infrastructure and services. today without interrupting the user experience. As technology continues to evolve, IAM and cybersecurity converge, becoming a major tool in ensuring that organizations can implement the flexible and adaptable levels of security that are essential to meet the needs of businesses and stakeholders. .
This last round brings the total raised by PlainID to $ 100 million. It follows a strong 2021 for PlainID, which saw the company record over 100% growth in ARR, 80% growth in its customer base, and significant momentum in its OEM partnership with SAP. . The company also announced new appointments to its management team. – Gil Levonai to the Marketing Director, Thomas ammirati to the director of recipes and Eli shay at Vice President of Global Services.
According to a report from Gartner, the identity-centric approach to security (as required in the cybersecurity mesh architecture) depends on the management of identities and their relevant (authorization) policies. This is why the execution authorization is evolving as a key enabler of the cybersecurity mesh architecture by providing policy management and orchestration capabilities.
* Gartner, “2022 Planning Guide for Identity and Access Management”, Mary Ruddy, David Chase, Erik Wahlstrom, Paul Rabinovich, Nat Krishnan, Homan Farahmand, October 11, 2021.
GARTNER is a registered trademark and service mark of Gartner, Inc. and / or its affiliates in the United States and internationally, and is used here with permission. All rights reserved.
PlainID Inc. is the recognized leader in Policy Based Access Control (PBAC). PlainID’s simple and straightforward solution for dynamic authorization management enables organizations to govern, administer and control who can access assets in their digital landscape. PlainID recognizes the frustrations of businesses struggling to understand, incorporate, and best implement Identity and Access Management, and uses Policy-Based Access Control (PBAC) to address them. PlainID Policy Manager enables rapid business growth by connecting new and legacy technologies with the latest and most advanced authorization features.
About Insight Partners
Insight Partners is a leading global venture and private equity firm investing in high growth ScaleUp technology and software companies driving transformative change in their industries. Founded in 1995, Insight Partners has invested in over 400 companies around the world and has raised more than $ 30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with hands-on and hands-on software expertise to drive long-term success. Through its people and portfolio, Insight fosters a culture around the belief that ScaleUp businesses and growth create opportunity for all. For more information on Insight and all of its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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