NEW YORK, February 22, 2021 / PRNewswire / – Torii, the management company Software-as-a-Service (SaaS), announces today the closing of a 10 million dollars Series A financing round to automate software management in the enterprise. The financing 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 of directors.
Adoption of SaaS has continued to accelerate the ability of organizations 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 considerable and dedicated computing resources.
“We have reached the point where SaaS can no longer be effectively managed by humans,” said Uri Haramati, co-founder and CEO of Torii. “The business needs a way to manage SaaS usage, expense, and security that will scale and keep employees happy, but not impact agility and growth. With companies deploying on average more than 20 new SaaS applications each month, this can only be achieved with intelligence-driven automation. “
Automation runs through all facets of the Torii platform, helping businesses make precise, intelligence-driven decisions about software usage, spend, and compliance.
- Automated Codeless Workflows – The Torii Orchestration Engine provides an easy-to-use codeless engine for building and deploying 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, ERP’s, collaboration platforms, HR systems, management systems expenses and Internet browser extensions.
- Automated Application Management – Torii provides a single, aggregated view of all discovered applications to provide full transparency into enterprise-wide SaaS usage and spending. Torii benefits from deep integration with over 100 SaaS applications, 25% of which can be fully managed.
Using Torii, Rock Content, a global leader in content marketing, has automated SaaS application discovery, expense management, and employee onboarding and disintegration.
“Torii has transformed the integration and disintegration of our employees. We reduced the IT hours spent on integration by 75%. This helped us improve internal controls and played a critical role in the success of a SOC2 audit, ”said João Dobbin, Activation Sales Director, Content Rock. “We have greatly benefited from Torri’s governance capabilities, gaining visibility into SaaS usage, contracts and costs. By using Torii, we have streamlined our use of SaaS applications and saved over $ 1 million. “
Torii’s revenue grew 400% year-over-year in 2020. Across all of its customer base, Torii currently monitors and optimizes over $ 1 billion in total software spending and over $ 4 billion in total transactions. The company is developing new intelligence features, including automatic software recommendation, compliance readiness and cost allocation.
Jake flomenberg, Partner at Wing Venture Capital, commented: “Over the past decade, SaaS has gone from the exception to the norm. With the interconnection and ease of data collection that SaaS offers, much greater efficiency gains in software can be unlocked. management through intelligence-based automation than was possible on site. “
With the 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 developed the world’s first automated SaaS management platform for the enterprise. Torii helps businesses discover, optimize, and automate their software usage, spend, and compliance. Torii customers include Delivery Hero, Instacart, and Payoneer. Visit toriihq.com for more information.
Media contact: Zuzanna Wilson, [email protected]
THE SOURCE Torii Laboratories