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
PlainID, a leading provider of cybersecurity, authorization and identity access management (IAM) solutions, announced it has raised $ 75 million in Series C funding. The round was led by the company New York-based global venture and private equity firm Insight Partners 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 simply and securely govern, administer and control who can access assets in their digital landscape. .
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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 step for PlainID and will allow us to significantly evolve our platform to respond to the enormous opportunities that exist in the IAM and cybersecurity markets”, commented Oren Ohayon Harel, CEO and co-founder of 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 proposition that centralizes the management of access policies in a traditionally decentralized and manual identity and access management space,” commented Steve Ward, Managing Director of 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.
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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 catalyst 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 latest round brings the total raised by PlainID to $ 100 million. It follows a strong 2021 for PlainID, which saw the company record over 100% ARR growth, 80% customer base growth, and significant momentum in its OEM partnership with SAP. The company also announced new appointments to its senior management team – Gil Levonai to chief marketing officer, Thomas Ammirati to chief revenue officer and Eli Shay to 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.
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