Silverfort brings in $11.5m for multi-factor authentication platform

Silverfort, a Tel Aviv, Israel-based multi-factor authentication provider, has raised $11.5m in Series A funding.

The funding was led by TLV Partners, with participation of the company’s early investors StageOne Ventures and Singtel Innov8.

Silverfort claims to allows organisations to prevent data breaches and achieve compliance instantly, by preventing identity-based attacks even across complex, dynamic networks.

Founded in 2016, Silverfort provides an AI-based policy platform, which enables adaptive multi-factor authentication across entire networks and cloud environments. This includes systems that don’t support multi-factor authentication today, such as proprietary systems, IoT devices, shared files and folders, industrial control systems (ICS) and more. Its patent-pending technology is non-intrusive and does not require deployment of software agents or inline gateways.

The platform is used by companies across financial, healthcare, energy, legal and technology industries, to secure corporate identities and critical assets, prevent data breaches and achieve compliance with regulations like GDPR, PCI and HIPAA.

Hed Kovetz, CEO and co-founder of Silverfort, said: “Our goal is to enable strong authentication across all enterprise assets without reducing productivity. Existing authentication solutions can no longer handle the scale, diversity and dynamic nature of today’s networks. With compromised credentials being leveraged in 81% of all data breaches, it is clear that these solutions must evolve.

“Silverfort introduces the next generation of authentication solutions, seamlessly enabling strong authentication everywhere without any modifications to endpoints and servers. We are receiving amazing reactions from the market and plan to use the new investment to meet this demand.”

Silverfort was founded by Hed Kovetz, Matan Fattal and Yaron Kassner, a group of top cybersecurity and cryptography experts from the elite 8200 cyber unit of the Israeli Intelligence Corps. Following the new investment, the company plans to expand its sales, marketing, security research and engineering teams in the US, Israel and Europe.

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