Silverfort, cyber security startup, secures $116 million in a late-stage funding round

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Silverfort, cyber security startup, secures $116 million in a late-stage funding round
Silverfort, cyber security startup, secures $116 million in a late-stage funding round

Silverfort, an identity security company, has raised $116 million in a late-stage funding round led by investment firm Brighton Park Capital and including Citi Ventures and General Motors Ventures.

Silverfort, an identity protection company, announced on Tuesday that it has raised $116 million in a late-stage funding round headed by investment firm Brighton Park Capital, with participation from Citi Ventures and General Motors Ventures.

Cybersecurity has taken center stage in recent years as businesses and other big organizations, including governments, increase expenditures to protect their assets, customers, and employees against hacking and data theft.

Analysts and industry experts predict that demand for identity threat prevention and multi-factor authentication systems will remain strong in the long run.

Last year, cyber security stocks soared on a strong sector outlook, with SentinelOne up 88% and Palo Alto Networks and CrowdStrike Holdings more than doubling.

Silverfort’s CEO and co-founder, Hed Kovetz, said that the new funding will be used to expand its existing product line and enter new markets.

Silverfort’s high-profile customers include online travel platform Agoda, package delivery behemoth United Parcel Service, and luggage manufacturer and retailer Samsonite, according to its website.

It has also formed a strategic alliance with the technology behemoth Microsoft.

Regarding plans to go public, Kovetz stated that Silverfort was not considering a public offering right away but that the company is financially sound and might investigate acquisitions after experiencing excellent growth last year.

The Series D fundraising round brings Silverfort’s total cash raised to $222 million. Other investors in the round included Acrew Capital, Greenfield Partners, Maor Investments, Vintage Investment Partners, and Singtel Innov8.

“Looking ahead, we plan to invest heavily in going deeper into our existing products and expanding into new areas to ensure we have the most complete, end-to-end identity protection platforms for our customers,” he said.

“2023 was a year of tremendous growth for Silverfort, and the fourth quarter was our strongest quarter on record,” he said.

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