The SaaS management Platform Torii has raised a $10m funding round, led by Wing Venture Capital, together with other current investors like Global Founders Capital, Uncork Capital, Scopus Ventures, and Entrée Capital has committed $10 million to the company’s Series A round. This takes the company’s total cash raised to $15 million, according to estimates and sources as per millertechcrunch.
The phrase “software as a cloud service” is nonetheless becoming more popular. Modern technologies are adopting the SaaS model, and as more services are added by individuals and organizations alike, it will become impossible for management to keep up.
Torii assists businesses in effectively managing the problem. Jake Flomenberg, a partner at Wing Venture Capital, will join the company board as a result of the agreement.
Uri Haramati, the co-founder and CEO of Torii, has founded other companies, including Meerkat and Houseparty. Torii was born as a result of his and his co-first-hand founder’s knowledge of the challenges associated with administering SaaS applications for their respective businesses.
Since they were early adopters of SaaS technology, he continued, the changes relating to the management of the tools being utilized and SaaS were evident. He continued by saying that they used it to scale their organizations, and the need for it increased as a result.
Additionally, he said that scaling is hampered by always hiring more staff members to manage larger volumes of software.
Torii SaaS series wing
Torii provides a SaaS management solution that enables businesses to efficiently manage the use and subscriptions of their SaaS applications. CEO Uri Haramati, a seasoned product leader who has co-founded Life on Air Meerkat and Houseparty, is in charge of Torii’s staff.
The management team also includes CTO Tal Bereznitskey and Vice President of Engineering Uri Nativ. Naveen Zutshi, the chief information officer of Palo Alto Networks, will also advise Torii’s team.
Torii was founded on the idea of deploying software to manage the complete SaaS conundrum they were experiencing. All SaaS solutions used by the business were located and controlled by a clever automation engine.
Additionally, no-code workflow engine features were available for developing corporate processes connected to those technologies for staff onboarding and off-boarding. The initiative appears to have gained popularity, particularly as businesses feel the need to regain control over their SaaS products in the wake of the pandemic.
Torii saw a 400% year-over-year increase in revenue last year. They count Palo Alto Networks, Delivery Hero, and Monday.com among their principal customers. The company’s workforce has grown from 12 to 20, quickly doubling, and it currently has plans to reach 60 employees in the near future.
Haramati added that they have come to understand the immeasurable benefits of having a more inclusive and diverse company, particularly in terms of gender. The team consists of 25 people, 10 of whom are women, and they are working to improve the rates as well.
Flomenberg made an investment in the business because he was intrigued with the automation aspect of things as well as the comprehensive approach that helped to address the SaaS management problem rather than focusing on a single aspect of it.
Upon meeting the team, he continued, the vision and the intended approach to solving the SaaS operational framework, which starts with accurate information, became evident. Additionally, he stated that information gathered from numerous sources is reliable and contributes to the creation of the overall framework.
Additionally, he claimed that Torii used these signs to create an automation-driven platform. The team is already putting forth the effort to broaden the scope of product-based recommendations on its platform, as well as to assist businesses with their requirements for cost control and compliance.
About Wing Venture Capital
Gaurav Garg and Peter Wagner formed Wing Venture Capital in 2013, a venture capital and private equity firm with its headquarters in Palo Alto, California that invests in early-stage technology businesses.
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