PlainID Announces $11 Million Funding Round on the back of 300% YOY Customer Growth
PlainID will use the funds for market expansion and for launching new authorization product lines, further enhancing its category leadership
PlainID, a leading provider of authorization solutions, announced an $11 Million funding round led by a consortium of existing and new investors including Viola Ventures, INcapital Ventures, Capri Ventures, iAngels, Springtide Ventures and Vintage Investment Partners.
The authorization market is booming. The ability to easily implement and enforce who can access what and when, whether an internal or external identity, in an on-prem or cloud environment, is a pre-requisite for any modern commercial use case, application and data infrastructure.
Common authorization use cases include:
- Marketplace that wants to give e-commerce merchants varying levels of access to their proprietary inventory portal.
- Securing the Service Mesh with distributed enforcement and centralized management and governance.
- Enterprises that need real-time automated decisions for allowing or denying access to account data, consistent across all digital channels and fintech services.
PlainID recognized these needs early and built a suite of Authorization as a Service solutions for enterprises and engineering teams who require intelligent solutions to support their cloud initiatives, service mesh implementations and data access governance requirements. The company’s offerings enable companies to modernize their technology stack with smarter access control, including fine-grained and coarse-grained decisions, provided by best-in-class policy-based runtime abilities.
With this demand, the company has experienced more than 300% customer growth in 2020 reaching 50+ global, cross-industry customers.
“We’re thrilled to welcome INcapital Ventures and Vintage Investment Partners to the PlainID family,” said Oren Harel, CEO and Co-Founder of PlainID. “The ‘last mile’ of Identity and Access Management (IAM) is Authorization. Historically, it has been a point of contention for companies in the remote-everything era but not anymore. With this new funding, we intend to accelerate our growth into new geographical markets and continue to lead by building new authorization solutions to serve our customers.”
Omry Ben David, General Partner at Viola Ventures: “Authorization is emerging as a meaningful category in the IAM space, alongside identity management and authentication. We are proud to continue and back PlainID, who is leading this category with its unparalleled depth and breadth of Authorization as a Service solutions.”
“We are excited to join the PlainID journey,” said Inbar Haham, General Partner at INcapital Ventures. “Their rapid growth and deep technology solutions are impressive, successfully filling a gap in IAM beyond the conventional authentication solutions.”
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