PlainID raises $75 million in Series C led by Insight Partners
The cybersecurity company offers an online authorization system that allows companies and organizations to monitor user identity and control web access in real time
Cybersecurity company PlainID is raising a $75 million Series C round led by Insight Partners, Calcalist has learned. According to estimates, the company’s valuation stands at hundreds of millions of dollars. The company has previously held A and B rounds of $11 million each led by Viola Ventures, as well as a $3 million Seed round, leading its total funding to stand at $100 million. According to information obtained by Calcalist, the latest round included a small secondary element, with most employees deciding against selling their shares in the company. The Series C also included investments from Itai Tsiddon, co-founder of Lightricks, and iAngles.PlainID was founded in 2015 by Gal Helemski, who serves as CTO, and Oren Ohayon Harel, who serves as CEO. Helemski formerly served at Mamram, the IDF's Center of Computing and Information Systems, and also worked at several cyber companies. Harel was a senior executive at Bank Hapoalim’s computing unit, where he managed information security. The company employs 75 people, 50 of whom work out of its Israeli offices. A portion of the new funding will be used for recruitment purposes and to double the company’s workforce over the next year as well as open additional offices to market its solutions, with a focus on Europe.