Cybersecurity firm PlainID has raised $75m from a Series C funding haul headed by US VC and private equity company Insight Partners.
The round also saw participation from Itai Tsiddon, Viola Ventures and a range of other unnamed investors. Following this round, PlainID has raised a total of $100m since inception.
Established in 2014, PlainID offers a policy-based access management layer that uses a real-time decision engine to control who has access to what. The company offers solutions such as Policy Manager and Partner Manager to deliver instant and secure digital experiences.
According to PlainID, it will use the funding to expand its go-to-market strategy, accelerate product development and further its vision of enabling organisations to simply and securely govern, administer and control who can access assets across their digital landscape.
PlainID CEO and co-founder Oren Ohayon Harel said, “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. 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.”
Insight Partners managing director Steve Ward added, “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. 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.”
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