Torii, the enterprise Software-as-a-Service (SaaS) management company, has announced that it has closed a $10 million Series A financing round led by Wing Venture Capital together with the company’s existing investors Entree Capital, Global Founders Capital, Scopus Ventures and Uncork Capital.
Wing VC Partner Jake Flomenberg is also joining Torii’s Board of Directors, the company said.
The startup will utilise the funding to expand its engineering and data science teams in Israel and commercial teams in the US.
“We’ve reached the point where SaaS can no longer effectively be managed by humans,” said Uri Haramati, co-founder and CEO, Torii. “The enterprise needs a way of managing SaaS usage, spend and security that will scale and keep employees happy, but won’t impact agility and growth. With companies deploying on average 20-plus new SaaS applications every month, this can only be achieved with intelligence-driven automation.”
“Torii transformed our employee onboarding and offboarding. We’ve reduced IT hours spent on offboarding by 75%. And it has helped us to improve internal controls and played a vital role in a successful SOC2 audit,” said João Dobbin, Manager of Business Enablement, Rock Content. “We’ve benefited greatly from Torri’s governance capabilities, gaining visibility into SaaS use, contracts, and costs. Using Torii, we rationalized our SaaS applications usage and saved more than a million dollars.”
Torii’s revenues grew 400% year-over-year in 2020. Across its customer base, Torii is currently monitoring and optimizing more than $1 billion in total software spend and more than $4 billion in total transactions. The company is developing new intelligence features including automatic software recommendation, compliance readiness and cost allocation.
Commenting on the development, Jake Flomenberg, Partner at Wing Venture Capital, said: “Over the past decade SaaS has gone from the exception to the norm. With the interconnectedness and ease of data collection that SaaS affords, it is possible to unlock far more efficiency gains in the realm of software management through intelligence-driven automation than was possible on premise.”
Headquartered in New York City, Torii 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 customers include Delivery Hero, Instacart and Payoneer.
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