PRESS RELEASE

June 25, 2018 09:00 ET | Source: Silverfort, Inc.

TEL-AVIV, Israel and BOSTON, June 25, 2018 (GLOBE NEWSWIRE) -- Silverfort, the first agentless multi-factor authentication provider, announced today a $11.5 million Series A round. The new funding was led by TLV partners, with participation of the company’s early investors StageOne Ventures and Singtel Innov8. Silverfort will use the funds to address growing demand for its innovative authentication platform, which enables adaptive multi-factor authentication for sensitive assets without integration or loss of productivity. The company has customers across the financial, healthcare, energy, legal and technology industries, and formed strategic partnerships with top security vendors.

Silverfort offers a unique authentication platform which seamlessly delivers adaptive multi-factor authentication across entire networks and cloud environments. This includes even systems that don’t support multi-factor authentication today, such as proprietary systems, IoT devices, shared files and folders, industrial control systems (ICS) and more. Silverfort’s patent-pending technology is non-intrusive and does not require deployment of software agents or inline gateways. It allows companies to secure corporate identities and critical assets, prevent data breaches and achieve compliance with regulations like GDPR, PCI and HIPAA without costly integration and without reducing productivity.

“Dramatic changes in today’s enterprise environment, including IoT and cloud, create a new attack surface that calls for a new breed of authentication solutions,” said Shahar Tzafrir, Managing Partner at TLV Partners, who will be joining the Silverfort board. “Many security vendors offer multi-factor authentication solutions for modern web applications. But how do you apply the same protection to medical IoT devices, critical industrial systems, or shared folders that could be exposed to ransomware? And how do you deliver it across a hybrid or multi-cloud environment with thousands of virtual assets that are changing every day? Silverfort solves these problems for its customers by enabling strong authentication across all users, assets and environments in a unified, non-intrusive and seamless manner. The company has developed impressive patent-pending technology, built a very strong team, and is uniquely positioned to disrupt the authentication market.”

"We are excited to announce our Series A and to continue our growth with the support of such great investors," said Hed Kovetz, CEO and Co-Founder of Silverfort. "Our goal is to enable strong authentication across all enterprise assets without reducing productivity. Existing authentication solutions can no longer handle the scale, diversity and dynamic nature of today’s networks. With compromised credentials being leveraged in 81% of all data breaches, it is clear that these solutions must evolve. Silverfort introduces the next generation of authentication solutions, seamlessly enabling strong authentication everywhere without any modifications to endpoints and servers. We are receiving amazing reactions from the market and plan to use the new investment to meet this demand.”

On top of its unique authentication platform, Silverfort built a powerful AI-based policy engine. The platform’s broad coverage provides an important advantage – the ability to learn user behavior across all systems and environments, and to enforce adaptive authentication wherever needed with minimal impact on user experience. To further improve it, Silverfort integrates with leading 3^rd party security products (for example, the recently announced partnership with Palo Alto Networks), and can trigger step-up authentication according to their alerts. These integrations enable real-time threat prevention without blocking legitimate users, therefore improving both security and productivity.

Silverfort was founded in 2016 by Hed Kovetz, Matan Fattal and Yaron Kassner, a group of top cybersecurity and cryptography experts from the elite 8200 cyber unit of the Israeli Intelligence Corps, with substantial industry experience. Following the new investment, the company plans to expand its sales, marketing, security research and engineering teams in the US, Israel and Europe. For open positions, visit www.silverfort.io/careers

About Silverfort
Silverfort delivers strong authentication across entire corporate networks and cloud environments, without any modifications to endpoints and servers. Using patent-pending technology, Silverfort enables adaptive multi-factor authentication for all sensitive users, devices and resources, including systems that don’t support it today, such as IoT devices, critical infrastructure, file systems and more. Silverfort allows organizations to prevent data breaches and achieve compliance instantly, by preventing identity-based attacks even across complex, dynamic networks, including hybrid and multi-cloud environments.

The company has received worldwide recognition and several industry awards, including the InfoSecurity 2018 Global Excellence Awards for Best Authentication Product and Best User and Entity Behavior Analytics Product, the Frost & Sullivan 2017 New Product Innovation Award, and is a gold winner of the Cybersecurity Excellence Awards in the Multi Factor Authentication category. Contact us to learn more - www.silverfort.io/contact