Israel-based user authentication software developer Silverfort has collected $30m in a series B round backed by Singtel Innov8 and Citi Ventures, respective subsidiaries of telecommunications firm Singtel and financial services provider Citi.
Venture capital firm Aspect Ventures led the round and was also joined by Maor Investments, TLV Partners and StageOne Ventures. The company said it has now raised $41.5m in funding altogether.
Silverfort has built multi-factor technology that allows clients to secure complex enterprise networks spanning on-premises and cloud environments.
The software uses artificial intelligence to analyse risk, adjusting access policies based on user behaviour in order to thwart account takeovers, ransomware attacks and breaches.
The cash injection will enable the company to expand its sales, marketing, engineering and customer support teams. Mark Kraynak, a venture partner at Aspect Ventures, will join its board of directors.
Ornit Shinar, head of ventures investments for Citi Israel, said: “We are proud to support Silverfort as investors, and to see a market leader come out of Citi’s Accelerator program.
“Silverfort’s solution has proven not only to be valuable, but in many cases, a necessity. Especially these days, when millions of people around the world have to work and access corporate resources remotely.”
Singtel Innov8, StageOne Ventures and assorted angel investors supplied $2.5m in seed capital for Silverfort in 2016.
The seed round may have consisted of convertible notes that were converted to equity in an $11.5m series A round for the company in mid-2018 that was led by TLV Partners and which included Singtel Innov8 and StageOne Ventures.
