It was recently revealed that $75 million had been obtained in Series C investment by PlainID, a top supplier of identity access management (IAM), authorization, and cybersecurity solutions. Viola Ventures, Itai Tsiddon, and all other current investors joined Insight Partners, a New York-based global venture capital and private equity firm, in leading the round.
The money will help PlainID realize its objective of enabling businesses to easily and securely regulate, manage, and control who has access to assets throughout their digital landscape. It will also help it expedite product development.
PlainID, which was founded in Israel in 2014, provides new solutions in the IAM and cybersecurity arena by delivering a policy-based access management layer that employs a real-time decision engine to restrict who has access to what. Authorized users may instantly and securely access the data and apps they require with the company’s Policy Manager and Partner Manager solutions, without any delays or security compromises.
According to Oren Ohayon Harel, CEO and co-founder of PlainID, This big fundraising round is a critical milestone for PlainID and will help us to considerably grow our platform to address the vast potential that exists within the IAM and Cybersecurity industries.
Our platform enables enterprises to supplement and streamline their IAM policy management by employing a robust runtime authorization engine and easy UI that enables them to embrace a cybersecurity mesh design, while safeguarding their digital assets by centralizing the control of who can acquire what and when across the technological stack.
According to Steve Ward, Managing Director at Insight Partners, PlainID has established a compelling concept that centralizes access policy management in an identity and access management environment that has typically been decentralized and manual.
With its most recent round, PlainID has now raised $100 million in total. It comes after a successful 2021 for PlainID, during which the company delivered over 100% growth in ARR, an 80% increase in its client base, and considerable momentum in its OEM agreement with SAP. Gil Levonai was named chief marketing officer, Thomas Ammirati was named chief revenue officer, and Eli Shay was named vice president of global services, according to the business.
According to a Gartner analysis, maintaining identities and their pertinent (authorization) policies is essential to the identity-centric approach to security. Runtime authorization, which offers capabilities for policy administration and orchestration, is growing as the primary enabler of the cybersecurity mesh architecture.