In its Series A round of funding, PlainID, an Israel-based cybersecurity startup has raised $11 million to accelerate its U.S. sales & marketing operations, customer support, and R&D team. The company announced that the latest investment is directed by Viola Ventures with the participation from Capri Ventures, Springtide Ventures, and iAngels.
Founded in 2015 by Dmitry Tuchinsky, Gal Helemski, and Oren Ohayo Harel, PlainID is specialized in simplified authorization management services giving a clear idea of every authorization in the cloud, mobile, and on-premise applications. The authorization platform allows the business leaders, data governance professionals, and security teams to get a complete control over the entire organization’s authorization process.
“The authorization landscape is changing and understanding who can access what and when becomes a critical question, that requires a good answer,” said Oren Ohayon Harel, CEO and Co-Founder of PlainID. “A simplified authorization platform meets the intricate demands of a growing enterprise by maximizing security and minimizing anxiety.”
“Run-time authorization is becoming more complex in an era of Enterprise automation. Current solutions no longer meet the changing requirements of hybrid IT environments, API collaboration and the introduction of more robotic process automation solutions,” said Omry Ben David, Partner at Viola Ventures. “We believe that externalized fine-grain authorization will become the next large category in IAM, in a similar way to how Okta built the authentication category by externalizing the process and offering a single sign-on solution.”
On addressing on the new move, Marek Jablonsky, Executive Director at Springtide Ventures said, “PlainID provides a new generation tool allowing managers to gain control and flexibility in managing authorization across their organizations while minimizing dependency on IT specialists. Importantly, the solution also addresses regulatory requirements and provides the necessary “peace of mind” to the executives when it comes to auditable robustly process-based IAM. Building on their hands-on experience from their previous roles as IT security executives with large enterprises the founders have managed to develop a largely superior solution with a potential to disrupt and redefine the category.”