Torii Secures $3.5 Million in Seed Investments
A SaaS management solution provider Torii said Tuesday (May 21) that it has secured $3.5 million in seed investments. According to CEO Uri Haramati, Uncork Capital in Silicon Valley is leading the round, with additional investments from Global Founders Capital in Berlin and Entrée Capital in London.
Torii’s platform allows IT managers to discover, audit, vet, and control the SaaS apps that employees use; to optimize SaaS license utilization; and to set up automated workflows that free up the IT team from many of their tedious, regularly mistake-prone processes.
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The increasing adoption of cloud computing and SaaS solutions has introduced new challenges for IT leaders. Individual employees and departments can now readily subscribe to SaaS applications that help them perform key tasks and increase productivity.
However, these subscriptions are often unsanctioned by IT departments, comprising what is now referred to as “shadow IT.”
The seed round will allow Torii to pursue the next phase in their development roadmap, which will see them adding more sophisticated and customizable automation components into their product.
The company was founded in 2017 and is currently based in Raanana, Israel and New York. Torii’s team is led by CEO Uri Haramati. With him in the executive team are Engineering VP Uri Nativ and CTO Tal Bereznitskey.