Seed round to fund additional development of “autonomous IT”
workflows and build a US-based sales and customer success team
TORONTO–(BUSINESS WIRE)–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.
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.
About Torii
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
Contacts
Press contact: Dan Edelstein [email protected]
