TEL AVIV, Israel and NEW YORK, Dec. 21, 2021 /PRNewswire/ — PlainID, a leading provider of cybersecurity, authorization, and identity access management (IAM) solutions, today announced it has raised $75 million in Series C funding. The round was led by New York-based global venture capital and private equity firm Insight Partners, with participation from Itai Tsiddon, Viola Ventures and all other existing investors. PlainID will use the funding to expand its Go-To-Market strategy, accelerate product development and further its vision of enabling organizations to simply and securely govern, administer and control who can access assets across their digital landscape.
Founded in Israel in 2014, PlainID delivers innovative solutions in the IAM and Cybersecurity space by providing a policy-based access management layer, using a real time decision engine to control who has access to what. Its Policy Manager and Partner Manager solutions have been developed to deliver instant and secure digital experiences, with authorized users accessing the data and applications they need without delays or compromising security.
“This major funding round is an important milestone for PlainID and will enable us to significantly scale our platform to meet the huge opportunities that exist within the IAM and Cybersecurity markets,” commented Oren Ohayon Harel, CEO and co-founder, PlainID. “Our technology enables organizations to augment and consolidate their IAM policy management using a scalable runtime authorization engine and intuitive UI that allows them to adopt a cybersecurity mesh architecture, while securing their digital assets by centralizing the control of who can access what and when across the technology stack.”
“PlainID has developed a compelling proposition that centralizes access policy management in an identity and access management space that has been traditionally decentralized and manual,” commented Steve Ward, Managing Director at Insight Partners. “We are delighted to make this significant investment in the future of the business, which has the team, experience, product innovation and roadmap in place to build on its momentum in 2021. We look forward to partnering with PlainID as they continue to grow and focus on solutions that enable their customers and business partners.”
The availability of ubiquitous digital resources and experiences in a zero-trust world means security and risk management teams must focus more heavily on delivering the high levels of security required across today’s complex infrastructure and services without interrupting the user experience. As technology continues to evolve, IAM and Cybersecurity are converging, becoming a major enabler in ensuring that organizations can implement the flexible and adaptable levels of security that are essential to meet business and stakeholder needs.
This latest round brings the total raised by PlainID to $100 million. It follows a strong 2021 for PlainID, which saw the business deliver over 100% growth in ARR, 80% growth in its customer base, and significant momentum in its OEM partnership with SAP The company also announced new appointments to its senior executive team – Gil Levonai to Chief Marketing Officer, Thomas Ammirati to Chief Revenue Officer and Eli Shay to VP of Global Services.
According to a Gartner report, the identity-centric approach to security (as required in cybersecurity mesh architecture) depends on managing identities and their relevant (authorization) policies. That’s why runtime authorization is evolving as the key enabler of the cybersecurity mesh architecture by providing policy management and orchestration capabilities.
*Gartner, “2022 Planning Guide for Identity and Access Management”, Mary Ruddy, David Chase, Erik Wahlstrom, Paul Rabinovich, Nat Krishnan, Homan Farahmand, October 11, 2021.
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PlainID Inc. is the recognized leader of Policy-Based Access Control (PBAC). PlainID’s simple, straightforward solution to dynamic authorization management enables organizations to govern, administer and control who can access assets across their digital landscape. PlainID recognizes the frustrations of businesses struggling to understand, incorporate, and best implement Identity and Access Management, and is using Policy-Based Access Control (PBAC) to solve it. PlainID Policy Manager enables rapid business growth by connecting new and legacy technologies with the latest and most advanced authorization features.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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