WORKFORCE MANAGEMENT

Torii Announces $10M Series A Funding to Automate SaaS Management

Torii | February 22, 2021

Israel-based start-up Torii Labs LTD is a Software-as-a-Service (SaaS) management company. Announce, a $10 million Series A financing round to automate software management in the company. The financing was led by Wing Venture Capital together with the company's existing investors Global Founders Capital GmbH, Uncork Capital, Scopus Ventures Management LLC, and Entrée Capital. Wing VC Partner Jake Flomenberg is also joining Torii's Board of Directors.

The adoption of SaaS continues to accelerate organizations' ability to work from anywhere, improved productivity and user experience. As the number of SaaS tools grows, the level of sophistication, connectedness, and integration also increases. However, the technology stack has become unmanageable without considerable, dedicated IT resources.

Uri Haramati, co-founder and CEO, Torii Labs LTD said, "We've reached the point where SaaS can no longer effectively be managed by humans. 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."

Automation is present across every facet of Torii's platform, helping companies make accurate intelligence-driven choices relating to software usage, spend, and compliance.

Automated, no-code workflows - Torii's Orchestration Engine offers an easy-to-use no-code engine to create and deploy automation workflows for every SaaS application.
Automated discovery - Torii's Unified Software Graph uses ML to analyze millions of events and data points across identity management systems, Enterprise Resource Plannings (ERP), collaboration platforms, Human Resources systems, expense management systems, and internet browser extensions.
Automated app management - Torii offers a single, combined view of all discovered apps to provide complete transparency into enterprise-wide SaaS usage and spend. Torii boasts deep integration with 100+ SaaS applications, 25% of which can be fully managed.

Using Torii, Rock Content, a global leader in content marketing, has automated SaaS applications discovery, spend management, and employee onboarding and offboarding.

João Dobbin, Manager of Business Enablement, Rock Content said. "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. 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 presently monitoring and optimizing more than $1B in total software spend and more than $4B in total transactions. The company is developing new intelligence features including compliance readiness, automatic software recommendation, and cost allocation.

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."

With the new funding, Torii Labs LTD will expand its engineering and data science teams in Israel and commercial teams in the US.

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