Why We’re Investing $50M in the Future of SaaS Management
We’re thrilled to announce our latest round of funding for the future of SaaS management. Here’s the official announcement from Torii’s CEO and Co-Founder Uri Haramati.
First, I want to thank our wonderful customers, who saw what we were building early on, invested, and have subsequently doubled down with Torii year after year. You are the reason we find ourselves in an enviable leadership position in this rapidly-emerging market; we would not be here without your partnership and trust.
I’d like to take this moment to tell you why we’re so excited about what comes next for Torii - it’s time to share some of the underpinnings of what’s helped us win thus far, and what will continue to be our compass in building the future of SaaS management.
Torii is built on the fundamental truth that anyone can sign up for a new cloud application - even when there may be explicit rules prohibiting them from doing so. This has been called Shadow IT or the decentralization or democratization of IT - and our customers have continually told us that they’ve had to embrace this new reality in order to stay nimble and innovative, especially during the pandemic. In a world where our apps have become our business, employees see the innovativeness and nimbleness of an organization’s tech stack as a leading indicator for how innovative and nimble the organization is itself. It’s no wonder that 42% of millennials say they will quit their jobs if they are forced to work with substandard or outdated technology.
But, this shift towards decentralization creates a tension between autonomy and control. How does an IT team, charged with supporting innovation and protecting sensitive data flowing through apps, manage something that it cannot see? Ask any IT professional how many apps they think they have - and they may say 100-200… plug Torii in and you will usually see 300-600+ apps, up to 80% of which are Shadow IT. Even in the known tech stack, we’ve reached a point where no IT organization can see and proactively manage the thousands of licenses and users flowing in and out of hundreds of cloud applications.
We saw this reality early on, and built Torii in a fundamentally different way from every other SaaS management tool on the market:
- Continuous Endpoint Discovery was built to address the very essence of the decentralization problem - if everyone outside of IT is adopting cloud apps, then the only way to find them is to monitor and record user signups for new cloud apps as they occur. This feature alone gave us up to a 2X advantage over our competitors - simply put, Torii finds many more apps than any other solution in the market.
- App Catalogue was our way to take all the apps that Torii has discovered in both the sanctioned and Shadow IT portfolio, and make them available to everyone in an organization. Our customers tell us they love “going shopping in their organization's application store” and requesting access to their favorite apps from each app’s owner
- Flexible Automation allowed our customers to create very flexible workflows that fit their organization’s unique way of working - making it easier than ever to optimize their SaaS spend, accelerate employee onboarding and offboarding, eliminate manual work, and de-risk operations
Each of the above were industry-firsts that Torii brought to market - and while each are now being actively copied by competitors, our reason for building them in the first place came from a deeper understanding of the shift that is now all too visible to everyone: anyone can sign up for a cloud app.
So where do we go from here? Here are a number of critical areas we will be investing in because we believe they represent the next frontier in the SaaS Management space:
- Torii for everyone: our platform helps IT, finance, procurement, and HR teams rally around their organization’s SaaS tech stacks, but we’ve only scratched the surface of this motion. Empowering everyone involved in managing the entire application lifecycle, from procurement to retirement is critical to meeting the new, distributed nature of how organizations are dealing with cloud applications.
- Unlocking SaaS data value: SaaS applications are the heartbeat of a business and today, our customers use Torii to tap only a portion of their SaaS application data. Expanding the ways in which customers can unlock and act on their SaaS data is critical to continuing to deliver the most flexible SaaS management solution on the market - and to expanding Torii into a SaaS Management Ecosystem.
- Flexible Automation: our customers love how they can program any workflow they can dream up, trigger automation off of anything, and cascade into complex user provisioning, configuration, and data movement scenarios. Flexible automation is the only way to deal with the scale and velocity at which organizations have to deal with SaaS applications - and our users have already seen the standard set high in other spaces that provide easy to user, complex workflow engines. When every organization is a snowflake, automation has to keep up.
I will admit the goal is ambitious - but with incredible investors like Tiger Global, Wing Capital, and many others by our side, we have never been in a better position to set the bar yet again in this industry.
And with our incredible team of Toriis, we are thrilled to pick up the mantle of our first mover advantage and bring the future of SaaS Management to the world.
On behalf of the entire Torii team, I am so thrilled to build what comes next together with you.