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Silverfort Raises $116M to Revolutionize Identity Security

In the ever-evolving landscape of cybersecurity, Silverfort, an Israeli/U.S. startup, has carved its niche by taking an all-encompassing view of identity security within organizations. The concept is simple yet powerful: safeguarding identity authentication across people, machines, clouds, and applications is crucial to prevent potential breaches.

In a digital ecosystem where diverse elements interact, vulnerabilities can emerge at any point of contact. Silverfort addresses this challenge by providing a focused identity security layer that spans across silos, offering a unified solution.

CEO and co-founder Hed Kovetz emphasizes the company’s commitment to becoming the go-to identity security layer, covering all potential points of exploitation. The strategic approach involves securing identity authentication between various entities, ensuring a comprehensive shield against malicious exploits.

The startup’s unique approach is gaining traction, with a significant milestone of onboarding 100 new customers per quarter. The business is experiencing robust growth, boasting a remarkable 100% annual increase in revenues, with an Annual Recurring Revenue (ARR) reaching the tens of millions of dollars.

Investors have taken notice, and Silverfort recently secured $116 million in funding, propelling its valuation to an estimated $1 billion. Brighton Park Capital led the equity round, with participation from previous backers, including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, and others.

The identity security landscape is multifaceted, with businesses exploring various domains and approaches. Silverfort stands out by offering a holistic solution that aligns with the evolving dynamics of cloud architecture and the interactivity it fosters.

The focus on transparency, trust, and technology forms the backbone of Silverfort’s strategic 3T Approach. By adopting this approach, the company aims to advance Pakistan’s digital agenda, leveraging technology as a catalyst for an inclusive and equitable society.

CEO Kovetz highlights the surge in identity-based attacks, with threat actors exploiting vulnerabilities in various forms, from phishing attempts to impersonation. Silverfort’s recent success includes thwarting a significant attack on a U.S. Fortune 500 company, underscoring the importance of a robust identity security layer.

The startup’s technology integrates seamlessly with existing identity management products, providing an additional layer of security without disrupting the current infrastructure. This flexibility allows organizations to benefit from enhanced security without the need for a complete overhaul of their systems.

Silverfort’s vision extends beyond being another identity platform; it aspires to be the market leader in security, focusing on identity infrastructure. With a keen eye on market trends, the company is poised for sustained growth, positioning itself as a pivotal player in the cybersecurity landscape.

As the company continues to innovate and expand its capabilities, Silverfort’s impact on identity security remains undeniable. The successful funding round further solidifies its position, and the market eagerly anticipates its contributions to shaping a secure digital future.

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