The recruitment brings the total investments in the company to more than 222 million dollars.
Silverfort, founded in 2016 by three graduates of Unit 8200, provides a platform for protecting user identities in organizations.
Silverfort’s platform allows customers to uniformly activate secure authentication and access on all existing systems in the corporate network and in the cloud. The platform uses AI to detect attacks on user identities, and respond to them in real time.
Silverfort is expected to use the new capital to expand its platform, hire more employees and continue to accelerate global sales.
Hed Kovacs, CEO and co-founder of Silverfort says:
“The use of stolen identities has become very problematic. We added tens of millions of dollars compared to last year. It’s a recruitment that makes it possible to build a very significant business. We received confirmation of our ability to scale and now the company is moving to the next level, from a startup that builds a product to a company that will lead the field. There are many companies in the field and the purpose of the recruitment is to give us the ability to run ahead of everyone else. We started very early in the field at a time when there was no hype for identities.
In the last two years, our positioning has developed a lot and now we are building the most complete platform for identity protection, there are many one-off solutions, but we want to provide a complete platform. The economic crisis brought an increase in cyber attacks in Israel and in the world, there is a lot of need and we were able to stop major attacks by hackers and countries. There is a lot of use of stolen identities and abilities in the field of AI help them to make more reliable attacks and there is a significant increase in the demand for protection.”
“Last year we increased the staff by 60% and this year we will also significantly increase the number of employees. Recruitment closed in the last few weeks and there were two difficult factors: the economic situation in Israel and the war. In the first weeks we saw the investors stop to wait and see where the situation develops, everyone was worried about us but they stopped In terms of thinking about investments. In the last two months they realized that we are a very strong industry and I see a return of investors with a stricter standard in all conditions and hear from companies that it is very difficult for them.”
The latest recruitment comes against a background of over 100% growth in revenue in the past year, in which the company added tens of millions of dollars in annual recurring revenue (ARR), and over 100 new customers every quarter, including some of the world’s largest companies in the fields of finance, manufacturing and retail. The company plans to use the new capital raised for the benefit of expanding its unique platform, hiring more employees in Israel and other countries, and continuing to accelerate sales around the world.
The company’s technology prevents attackers from exploiting weak points in sensitive organizational systems and using them as a starting point for progressing to additional systems, and enables the addition of secure identification to all existing systems in the corporate network and in the cloud without the need to install software on them. This is an additional layer that operates on top of all the access management products that exist in the organization, which adds lateral protection that these systems lack today, and blocks access through stolen identities – both in old systems that are not secure today, and also between different systems of competing providers, which today do not communicate with each other.
Hed Kovacs, CEO and co-founder of Silverport:
“On a personal note, as someone who was born in the Gaza Envelope, these are complex days for me, I believe that it is of the utmost importance to preserve and strengthen entrepreneurs, companies and the economic resilience in order to ensure a good future in Israel even in the day after the war. We are a proud Israeli company, we will continue to establish and further strengthen our activities in Israel “.
