Seed round to fund additional development of "autonomous IT" workflows and build a US-based sales and customer success team
Presenting at Collision's "Breakout Startups" session, CEO Uri Haramati announced this morning that Torii has secured $3.5 million in seed investments. Uncork Capital in Silicon Valley is leading the round, with additional investments from Global Founders Capital in Berlin and Entrée Capital in London.
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Torii co-founders from left to right: Uri Haramati, CEO; Tal Bereznitskey, CTO; Uri Nativ, VP Engineering (Photo: Torii)
Torii's platform allows IT managers to discover, audit, vet and control the SaaS apps that employees use; to optimize SaaS license utilization; and to set up automated workflows that free up the IT team from many of their tedious, regularly mistake-prone processes.
The increasing adoption of cloud computing and SaaS solutions has introduced new challenges for IT leaders. Individual employees and departments can now readily subscribe to SaaS applications that help them perform key tasks and increase productivity. However, these subscriptions are often unsanctioned by IT departments, comprising what is now referred to as "shadow IT."
In the age of GDPR compliance and elusive cyber threats, regaining control of all software in use in the enterprise is a mission-critical imperative.
The seed round will allow Torii to pursue the next phase in their development roadmap, which will see them adding more sophisticated and customizable automation components into their product.
"In the near future, people will not need to manage software – it will be software that manages software," said Haramati. "This inevitability is a big part of our vision for Torii, to create one software that manages all software. And for that, you need powerful and versatile workflow engine. The SaaS management platform needs to be able to remove licenses, to add and close accounts, and to intelligently route alert notifications to the right people."
When asked about his fund's decision to invest in Torri, Andy McLoughlin of Uncork Capital said, "We chose to invest in Torii because we loved the team, the product, the early traction, and the market. The three founders are experienced tech innovators – they bring valuable experience working in high growth businesses, coupled with developing consumer products. This unique combination makes them an exceptionally compelling founding team. I think you only have to look at the quality of the product they are building and early customer traction to understand that."
Benedikt Körling of Global Founders Capital believes that SaaS management will become an increasingly important category, "especially SaaS automation, which Torii tackles well," he said. "Torii's product is more sophisticated than many other offerings on the market today. It shows the founding team's deep product understanding, providing IT teams with an unprecedented user experience."
Haramati sees the custom automation capabilities of his product as being a key differentiator, one which will only strengthen its market positioning as post-funding development continues. "We started out focusing on SaaS visibility, then we added a layer of insights, and now a layer of workflow automation to provide our users with the value they need, in a way that fits their challenges," he said.
The seed round will allow Torii to pursue the next phase in its development roadmap, which will see them adding more sophisticated and customizable automation components into their product. It will also allow them to build a US-based sales and customer success team to handle the demand for the platform.
Torii is already being used by top brands and companies such as Monday.com, SimilarWeb, Typeform, Payoneer, ClassPass, Delivery Hero and Thrive Global.
Torii offers a SaaS management solution that helps enterprises effectively manage their SaaS application use and subscriptions. The company was founded in 2017 and is currently based in Raanana, Israel and New York.
Torii's team is led by CEO Uri Haramati, a veteran product leader who previously co-founded Life on Air (Meerkat and Houseparty). With him in the executive team are Engineering VP Uri Nativ and CTO Tal Bereznitskey. Naveen Zutshi, the CIO of Palo Alto Networks, is also joining Torii's team as an advisor.
For more information: www.toriihq.com
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