Today, we're announcing that Torii has closed a $10 million Series A financing round to automate software management in the enterprise. The financing was 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.
With the new funding Torii will expand its engineering and data science teams in Israel and commercial teams in the US.
SaaS adoption has continued to accelerate organizations’ ability to work from anywhere, improved productivity and employee experience. As the number of SaaS tools across the enterprise grow, so does the level of sophistication, connectedness and integration. With companies deploying on average 20-plus new SaaS applications every month, managing SaaS can only be achieved with intelligence-driven automation.
Automation is present across every facet of Torii’s platform, helping companies make accurate intelligence-driven decisions 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 Machine Learning to analyze millions of events and data points across identity management systems, ERPs, collaboration platforms, HR systems, expense management systems, and internet browser extensions.
- Automated app management - Torii provides a single, aggregated 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.
Currently, Torii is developing new intelligence features including automatic software recommendation, compliance readiness and cost allocation.
Using Torii, Rock Content, a global leader in content marketing, has automated SaaS applications discovery, spend management, and employee onboarding and offboarding.
According to João Dobbin, Manager of Business Enablement at Rock Content, Torii transformed its employee onboarding and offboarding, and reduced IT hours spent on offboarding by 75%. Using Torii, Rock Content rationalized its SaaS applications usage and saved more than a million dollars.
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.