PlainID, a security and privacy solutions provider, recently announced a $75 million Series C funding led by Insight Partners. The funding round was joined by four existing venture partners and one new investor.
PlainID will use the funds to accelerate its mission to help enterprises secure digital assets and improve efficiency. In addition, this investment will further strengthen PlainID’s position as a market leader in digital transformation and identity and access management.
Overview of PlainID
PlainID is a leading provider of security and privacy solutions that help enterprises secure their digital assets. PlainID helps businesses create secure digital asset identities, control access to enterprise content, protect information flows and enforce policies. PlainID’s technology unlocks the potential of digital identities to deliver verifiable trust, confidence and control over enterprise data.
Founded in 2018, PlainID provides various solutions to meet customers’ needs across various industries including healthcare, financial services, energy, consumer products and other regulated industries. The Company’s flagship product is its Identity Platform. It focuses on establishing identity cards for different entities such as users, applications and devices and establishing identity access management capabilities across multiple systems and services.
Additionally, PlainID also offers a range of other solutions such as Compliance Orchestration Platform (COP), a suite of products for ensuring compliance with various regulations such as KYC/AML/GDPR; Multiprotocol Social Networking Platform (MP SN) which provides collaboration capabilities through secure conversations; Data Encryption Platform (DEP), a strong encryption solution protecting data while it is in storage or transit; Digital Asset Access Framework (DAAF) that allows organizations to manage access rights across all digital properties; and Authentication & Access Control which ensures customer data only goes to authorized individuals or applications.
PlainID recently secured US$ 75 million in Series C Funding led by Insight Partners with participation from existing investors ClalTech CtVc Ltd., Stage Digital Health VC and Maniv Mobility Ventures Ltd bringing total funding secured by the company since inception to US$ 113 million. This funding will be used for product development and accelerating its international expansion plans into Europe and Middle East markets through organic growth strategies and strategic relationships in the industry space.
Overview of the Series C Funding
PlainID, leader in cloud-native permissions, announced the successful closing of a $75 million Series C funding round led by Insight Partners. This round brings the total funding raised to date to $115 million. The investment will help accelerate the platform extensions for its unique Identity-Based Resource Access Management (RBAC) solution and scale up resources for international customer support.
The new capital will be used to further develop PlainID’s identity-based resource access management solution which allows enterprises to securely manage user access to various digital assets and services including SaaS applications, enterprise systems, cloud services and APIs. Integrating Zero Trust security approaches helps organizations protect their digital assets while increasing productivity and reducing risk.
As enterprise digital transformation initiatives expand exponentially into more sophisticated technologies such as AI and ML, PlainID’s secure platform allows businesses to control user access with an intuitively designed UI that requires no coding knowledge or IT background. Additionally, a distributed architecture enables customers’ freedom in connecting existing user directory infrastructure with modern cloud infrastructure while enforcing unified data governance practices across an organization’s entire digital footprint.
Benefits of PlainID
PlainID has recently raised $75 million in Series C funding led by Insight Partners. This funding will allow PlainID to develop its security and privacy solutions to help enterprises secure their digital assets.
But what other benefits does PlainID provide to customers? In this article, we’ll discuss the advantages of using PlainID’s suite of services.
Automation of identity and access management
Managing identity and access is an essential step for enterprises. PlainID helps them automate these tasks and ensure security of their digital assets. PlainID Raises $75 million In Series C Funding Led by Insight Partners, further fuels its mission of providing enterprises with efficient identity and access management solutions built with focus on operational excellence, automation and scalability.
PlainID’s products help automate access management processes by integrating enterprise user directories and validating user rights across multiple systems. This can save precious time and resources that are otherwise spent in manually configuring security policies. Additionally, the automated policies also help enterprises provide a secure working environment to its employees as manual policy making is often prone to mistakes that might be left unchecked otherwise due to its highly manual nature.
PlainID also comes with an additional layer of assurance by providing real-time visibility into the status of enterprise digital assets and monitoring authentication requests in real-time for suspicious activity or malicious attempts at accessing the business’ data or applications without authorization. This gives enterprise leaders a comprehensive view of their digital assets’ state, helping them better identify potential vulnerabilities before they can become serious threats or hinder operations inside their IT infrastructure.
Moreover, by using PlainID’s solution set companies can enforce regulatory controls over access detection along with compliance monitoring processes automatically with AI-driven analytics systems so that there is less chance for audit failure due to missed control measures or regulatory non-compliance issues to compromised security protocols within organizations’ IT infrastructures.
Flexible and secure authentication
PlainID offers one of the most secure and flexible authentication solutions available. Its identity and authorization platform is engineered to provide an integrated view of users, considering both attribute-based and risk-based criteria. This creates trust across all applications, ensuring only authorized users can access sensitive data. In addition, with the PlainID platform, enterprises can manage user access in real time and prevent unauthorized access by controlling user identity validations, application assignment, and access control.
The PlainID identity platform guarantees maximum flexibility with industry-leading frameworks such as OAuth 2.0, SCIM 2.0, UMA2 compliance protocol, OpenID Connect and Single Sign-On (SSO). The combination of strong authentication capabilities and its easy integration with various systems allows customers to rapidly deploy advanced security solutions tailored to their specific needs.
Furthermore, PlainID is committed to providing organizations complete visibility into their security posture and helping them maintain a risk-free environment for their digital assets. The company’s patented analytics platform enables customers to monitor user activities in real time by detecting suspicious activity and critical events – enabling proactive threat prevention that can quickly detect any potential compromises before they become an issue.
Comprehensive cloud security
PlainID offers comprehensive cloud security solutions to help enterprises protect their data and digital assets. With PlainID’s permission-based access platform, organizations can easily manage the flow of sensitive information with granular rules that govern how, when, and where users can access important resources. The platform also utilizes encryption and tokenization to keep users secure.
Beyond just storing data securely in the cloud, PlainID solutions allow businesses to control who has access to sensitive information and how it flows between departments or external entities such as vendors, customers and partners. These features help reduce the risks associated with unverified third-party services or malicious actors trying to gain access to corporate secrets. Tools like single sign-on (SSO) authentication also give administrators reliable visibility into user activity for keeping watch of abnormal behavior.
PlainID solutions provide enterprises with robust control over their digital assets while maintaining high levels of usability for authorized users. The result is an improved security posture that defends corporate resources without obstructing productivity or workflow efficiency.
PlainID Raises $75 million In Series C Funding Led by Insight Partners to Help Enterprises Secure Their Digital Assets
PlainID, a leading security and privacy solutions provider, has announced that it has raised $75 million in its Series C funding round. This round of funding was led by Insight Partners, with participation from existing investors.
The funds will further accelerate the development and adoption of PlainID’s leading-edge technology to help enterprises secure their digital assets.
PlainID, the leading provider of security and privacy solutions, recently announced its closing of a $75 million Series C funding round. This round was led by global venture capital and private equity firm Insight Partners and included participation from existing investors Terra Venture Partners, AutonomouStuff Ventures, Maverick Ventures & UST Global.
PlainID’s comprehensive Security & Privacy as a Service (SPaaS) platform helps enterprises securely manage their digital assets across multiple application systems while meeting the highest standards for compliance with privacy regulations. With this new capital, PlainID intends to rapidly expand global customer base and continue to develop their industry leading platform to provide customers with the best possible security and control over their data.
This Series C funding is another milestone for PlainID as it continues its growth path in enterprise clients. As organizations increasingly embrace digital transformation initiatives, this investment will validate that secure access to digital assets can be achieved at scale while maintaining strict compliance standards. Additionally, PlainID will use this new funding to further secure its position as a leader in the enterprise market providing secure access control capabilities across cloud-based applications.
Other investors
In addition to Insight Partners, the investment round was supported by existing investors, including Bessemer Ventures Partners, ClearSky, Firstime VC and Innovation Endeavors. This brings the total amount of equity raised by PlainID to date to over $120 million.
The infusion of capital from diverse investors will allow PlainID to iterate and develop its industry-leading solutions to further promote security and privacy for enterprises. With empowerment from these backers, the team at PlainID is well-positioned for unparalleled innovation that will define industry standards for identity security and privacy in a digital economy.
Use Cases
PlainID is a leading provider of security and privacy solutions for organizations to securely and safely manage their digital assets. With its recent Series C funding round of $75 million led by Insight Partners, PlainID is now well-positioned to take on the challenge of helping enterprises secure their digital assets.
PlainID is proving to be an invaluable asset for organizations that must protect their digital assets and their associated data. This section will look at the various use cases where PlainID can be applied.
Healthcare
Healthcare is highly targeted by hackers and data breaches, so organizations must remain vigilant in protecting their sensitive data. PlainID is a leader in security and privacy solutions, enabling healthcare businesses to respond quickly to evolving threats, protecting their applications and digital assets.
PlainID recently raised a series C funding of $75 million, with Insight Partners leading the round, to help organizations secure their digital assets. Organizations ranging from life sciences companies to research institutions are leveraging PlainID’s technology to secure, control, and audit all access related activities about an organization’s Digital Identity entities such as Users, Roles, Groups & Attributes. Additionally, PlainID supports advanced attribute-based policies with conditions that change over time. It uses AI and Machine Learning to optimize the policy lifecycles across multiple systems making it easier for enterprises to manage access requests.
With PlainID’s solutions healthcare organizations can protect their patient data regardless of where employees access applications or documents (inside/outside the firewall). In addition health plans can also have additional confidence on managing patient information effectively as well as being able utilize compliance services such as GAAP controls or HIPAA entity attestation components necessary for HITECH compliance while installing sufficient fraud prevention measures by leveraging collective attributes such as precision analytics module within a customer’s environment.
Financial Services
The financial services industry constantly evolves and diversifies, from banks to stock trading firms, private wealth management groups and insurance companies. This ever-changing competitive landscape presents a unique need for secure access solutions that can keep up with the pace of change.
PlainID’s unified security solution offers industry-leading accessibility and scalability for financial services companies of all sizes. Our solution enables the secure sharing of sensitive financial documents, such as account balance information, loan documents and tax returns. PlainID also helps financial institutions maintain compliance with industry regulations such as GDPR, HIPAA and MiFID II by ensuring only authorized users have access to personal data.
Our solutions also make it easy to onboard new staff members quickly while maintaining a high level of security – eliminating the need to manually review access control lists or provision permissions in IT systems whenever a bank brings on a new employee or customer. With PlainID’s user friendly interface, teams save valuable time when granting new employees compliant access to key applications and resources needed in their role – enabling them to hit the ground running while keeping their systems safe from malicious attacks, data breaches, or unauthorized access attempts.
Retail
The retail industry increasingly relies on digital transformation and modernization of core customer experiences, creating greater security and privacy concerns.
PlainID offers a fundamental layer of authentication that helps mitigate the risks of exposing sensitive customer information while providing an optimal user experience. With integrated security tools, users can have complete control over their data and trust that their transactions are secure across all channels, from online to physical stores.
PlainID’s technology also enables retailers to comply with government regulations, streamline transactions, and improve the safety of customer data. In this way, companies can meet new demands for heightened security without sacrificing their customers’ usability or engagement.
Conclusion
PlainID, a leading security and privacy solutions provider, recently announced that it raised an additional $75 million in Series C funding led by Insight Partners to help enterprises secure their digital assets. This new funding round followed a $23 million Series B funding round led by Pitango Ventures and brought PlainID’s total funding to over $100 million.
This new fundraising effort will fuel the company’s expansion in its rapidly growing roster of Digital Asset Management and Authorization platforms. The funds will also be used to advance PlainID’s suite of security products and services into the marketspace — enabling customers to meet or exceed regulatory requirements while gaining insights from data access control Reports. The company has already established a significant presence in the enterprise space; with major companies across multiple verticals such as financial services, healthcare and public sector trust PlainID to fortify their digital assets with robust protection.
Additionally, PlainID aspires to become one of the foremost authorities for access governance security solutions through continued innovation and team expansion— using this new Series C funding round and future investments from industry partners on its mission of revolutionizing digital asset security for both existing and emerging enterprises worldwide.
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