Torii Raises $10M in Series A Funding to Automate Software Management in the Enterprise
NEW YORK, February 22, 2021 /PRNewswire/ — Toriienterprise software-as-a-service (SaaS) management company, today announces the closing of a $10 million Series A funding round to automate software management across the enterprise. The funding was led by Wing Venture Capital in conjunction with the company’s existing investors, Entree Capital, Global Founders Capital, Scopus Ventures and Uncork Capital. Wing VC partner Jake Flomenberg also joins Torii’s board.
The adoption of SaaS has continued to accelerate organizations’ ability to work from anywhere, improving productivity and the employee experience. As the number of SaaS tools in the enterprise increases, so does the level of sophistication, connectivity, and integration. Subsequently, the technology stack became unmanageable without significant and dedicated IT resources.
“We have reached the point where SaaS can no longer be effectively managed by humans,” said Uri Haramati, co-founder and CEO, Torii. “The business needs a way to manage SaaS usage, spend, and security that will scale and satisfy employees, but won’t impact agility and growth. Companies deploying in average more than 20 new SaaS applications each month, this cannot be achieved with intelligence-driven automation.”
Automation runs through every facet of Torii’s platform, helping businesses make accurate, intelligence-driven decisions about software usage, spend, and compliance.
- Automated No-Code Workflows – Torii’s orchestration engine offers an easy-to-use no-code engine to build and deploy automation workflows for every SaaS application.
- Automated Discovery – Torii’s Unified Software Graph uses machine learning to analyze millions of events and data points in identity management systems, ERPs, collaboration platforms, HR systems, expenses and internet browser extensions.
- Automated Application Management – Torii provides a single, aggregated view of all discovered applications to provide complete transparency into enterprise-wide SaaS usage and spend. Torii boasts deep integration with over 100 SaaS applications, 25% of which can be fully managed.
Using Torii, Rock Content, a global leader in content marketing, automated SaaS application discovery, expense management, and employee onboarding and onboarding.
“Torii has transformed the integration and disintegration of our employees. We have reduced the IT hours spent on offshoring by 75%. And it helped us improve internal controls and played a key role in passing a SOC2 audit,” said João Dobbin, Commercial Director. Empowerment, Rock Content. “We have benefited greatly from Torri’s governance capabilities, gaining visibility into SaaS usage, contracts and costs. Thanks to Torii, we have streamlined the use of our SaaS applications and saved over a million dollars.
Torii’s revenue grew 400% year-over-year in 2020. Across its customer base, Torii currently monitors and optimizes over $1 billion in total software spend and more than $4 billion in total transactions. The company is developing new intelligence capabilities, including automatic software recommendation, compliance readiness, and cost allocation.
Jake Flomenbergpartner at Wing Venture Capital, said, “Over the past decade, SaaS has gone from the exception to the norm. With the interconnectivity and ease of data collection that SaaS offers, much more software efficiencies can be unlocked. management through intelligence-driven automation than was possible on-premises. »
With this new funding, Torii will expand its engineering and data science teams in Israel and sales teams in the United States.
Based at New York City, Torii has developed the world’s first automated SaaS management platform for the enterprise. Torii helps companies discover, optimize and automate their software usage, spend and compliance. Torii’s clients include Delivery Hero, Instacart, and Payoneer. Visit toriihq.com for more information.
Media Contact: Zuzanna Wilson, [email protected]
THE SOURCE Torii Laboratories