Way Security Secures $20 Million in Seed Funding
Way Security, a Tel Aviv-based cybersecurity firm, has successfully raised $20 million in a seed funding round. This round was led by Insight Partners, with additional participation from Glilot Capital. The company, co-founded by Yossi Barishev (CEO) and Yonatan Rosenberg (CTO), focuses on enhancing enterprise identity and access management (IAM) systems. Its platform automates the operational tasks required to deploy and maintain these systems, thereby reducing the need for costly consulting engagements.
Company Overview
Way Security aims to bridge the gap between identity and access management software and its real-world execution. By acting as the last mile in identity enforcement, the company extends identity controls such as single sign-on, multi-factor authentication, and access reviews across all enterprise applications. This includes legacy and custom applications that lack standard federation protocols. The founders, both former security advisors to Fortune 500 companies, have firsthand experience in handling major cyber incidents and understand the critical role of robust identity controls.
Funding Details
The $20 million seed round was primarily backed by Insight Partners, a global venture capital firm known for investing in high-growth technology companies. Glilot Capital, another investor, also contributed to this round. Jeff Horing, Co-Founder and Managing Director at Insight Partners, remarked, "Identity is one of the most critical layers of enterprise security, yet organizations still struggle to operationalize their investments efficiently. Way Security is addressing a large and persistent gap between IAM software and real-world execution."
Strategic Use of Funds
Way Security plans to utilize the newly acquired funds to expand its presence in the United States and to further develop its identity operations platform. The company is already serving enterprise customers across various industries, including Fortune 500 companies, global healthcare organizations, and financial institutions. With this funding, Way Security aims to enhance its capabilities and reach more clients who require comprehensive identity management solutions.
Looking Ahead
As cyber threats continue to evolve, the need for effective identity management solutions becomes increasingly important. Way Security is well-positioned to address these challenges by providing a platform that not only integrates with existing IAM tools but also extends their functionality across all applications. With the support of its investors, the company is poised to make significant strides in improving enterprise security solutions.