Israeli startup Silverfort Inc. announced on Tuesday its completion of a $30 million second financing round led by U.S. venture capital firm Aspect Ventures and participated by Citi Ventures and Maor Investments. Existing backers Stage One Ventures, TLV Partners, and Singtel Innov8 also took part in the round.
The new funding brings total investment in the multi-factor authentication technology company to $41.5 million. The round began in the early Covid-19 days earlier this year, with the company receiving several acquisition offers along the way that failed to reach fruition. The company was founded in 2016 by Hed Kovetz, Matan Fattal, Yaron Kassner, all graduates of the Israeli military’s 8200 intelligence unit, often referred to as Israel’s NSA.
“We completed a major round and our market is hot right now. We will be recruiting many employees for lots of roles. At the moment we are 60 team members, mostly in Israel. We plan to split our time between the office and home, currently, anyone can work from wherever they like,” Kovetz said. “We hope to reach 80-90 employees by the end of the year. Most of the new recruits are for positions in research and development. Most of our sales are in the U.S. so we will be looking for employees there too.”
“We observe that hackers are using passwords as an easy way to enter networks. Especially during these days of remote work, when you don’t trust the worker’s computer, you have to make sure that it is truly them who are accessing the network from various locations. Multi-stage authentication technology is old and needs to be installed on every computer and every phone. In the past it was easy. Now, when everyone can connect from anywhere, you need to add secure authentication from everywhere. We add secure authentication using an all in one simple process without installing software. We augment the identity confirmation with an additional transparent layer of validation and have built a mechanism for detecting suspicious behaviors,” Kovetz said, describing the company’s technology.
South Africa Today