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.