Silverfort nets $30m in its Series B as remote working boosts customer demand

Silverfort, a proxyless authentication platform, has netted $30m in its Series B round, which will help it meet rising customer demand.

The round was led by Aspect Ventures, with contributions also coming from Citi Ventures and Maor Investments. Existing backers of Silverfort also committed capital to the Series B, including TLV Partners, StageOne Ventures and Singtel Innov8.

With the fresh capital under its belt, the company will support its fast growth and meet the rising demand of its services following the growth of the remote working environment.

Silverfort has developed a platform which enforces secure authentication and access policies for any user, device and system, both on-premise and in the cloud. Its user verification tools include aulti-factor authentication, risk-based authentication, zero trust and more.

The company boasts an AI-driven risk engine to automatically adjust procedures based on a user’s behaviour and stop threats such as account takeovers and ransomware.

Customers can protect their systems including home computers, legacy infrastructure, critical and file systems, IoT, machine-to-machine access and more.

In conjunction with the deal, Aspect Ventures venture partner Mark Kraynak will join the Silverfort board of directors.

Singtel Group CIO William Woo said, “With the shift to remote working, secure employee authentication and access to company networks and systems have grown increasingly important for enterprises.

“However, many large enterprises find it difficult to implement such controls across all their different environments quickly. Silverfort’s innovative solution simplifies this process without requiring system modifications, enabling them to save time and costs.”

Following the close of the Series B, the company has raised a total of $41.5m in funding.

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