The software management market has been there since the proliferation of on-premise software began. It came to be referred to as software asset management, or SAM, and included licence management, auditing, and compliance.
SaaS has given a new face to the system. With the interconnectedness and ease of data collection that SaaS affords, it is possible to unlock many more problems through intelligence-driven automation than was possible on-premise. The opportunity with SaaS is much greater both in scale and in terms of what value can be unlocked than what has come before.
Each of the founders has gone through the pain of SaaS management firsthand as leaders of their respective companies, software budget holders, and decision-makers.
Between Uri Haramati, former founder/head of product at Houseparty; Uri Nativ, former site lead for Klarna Israel; and Tal Bereznitskey, former VP R&D at Bizzabo, the founding team has tremendous product and engineering depth knowledge, which has made them appreciate the true complexity of the problem as well as the true scope of the opportunity. They came together as they had a common vision and believed that they could solve this problem with software.
For Torii, it starts with the right data. Torii leverages multiple signals from browser extensions, identity management systems, ERPs, HR systems, and deep integrations with enterprise platforms that often connect to other systems (e.g., Slack, Github), as well as expense management systems. Machine learning helps millions of data points be matched across disparate sources to create a unified software graph data model that IT professionals can trust and take action against. Torii also offers robust spend management, which offers full visibility into enterprise-wide SaaS usage, spend, and security/compliance.
Though the core functionality is critical, Torii stands apart due to its 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 and internal IT process. Thus, Torii can not only help IT departments save money, but it can also help individual IT practitioners save time. Users can build playbooks and workflows against the unified software graph for almost anything they can imagine. Automating these processes helps the user to utilise the time to focus on more cerebral, higher value-added tasks.
Software as a cloud service is getting popular in the current scenario. Contemporary tools are going the SaaS route with more services being added by professionals and entities alike, snowballing into a nightmarish scenario for management. Torii helps in managing the situation seamlessly for companies. The company is doing so well and growing day by day, and this can be seen after they have confirmed an investment of $10 million in its Series A round, spearheaded by Wing Venture Capital and other existing investors like Global Founders Capital, Uncork Capital, Scopus Ventures, and Entrée Capital. Adding this, the company’s total fund-raising has risen to $15 million, according to millertechcrunch.As part of the deal, Wing Venture Capital partner, Jake Flomenberg, will be joining the company’s board as part of the deal.
Co-Founder and CEO at Torii, Uri Haramati, is a serial founder, helping launch Meerkat and Houseparty. He and his co-founding have been through many obstacles present in managing SaaS applications of their entities, and this was basically the push to the germination of Torii. The changes revolving around management of tools being used and SaaS were clearly visible, since they were early believers in SaaS technologies. They tapped into the same for scaling their organizations, and this need was strongly felt thereafter.
Due to their dedication and belief in the concept, the revenues went up 40% last year for Torii. Some of their key clients include Palo Alto Networks, Delivery Hero, and Monday.com. The company is growing day by day, attracting huge investors, and has also increased its employee count from 12 to 24, doubling it rapidly, and is now planning to take it to 60 people soon. They are quite vigilant and have observed the sheer value of a workplace that is more inclusive and diverse, especially in terms of gender. The team has 25 members, with 10 of them being women, and they are striving to improve the rates as well.
Many investors are interested in this company. Flomenberg invested in the company since he felt impressed with the automation side of things and also the holistic perspective that contributed towards solving the SaaS management issue instead of only going after a single chunk. The vision the company had became clear and what it meant to resolve the SaaS operating framework begins with proper information. Although the whole world was struck by the pandemic and the growth was also hindered, the company is still posting steady growth. The team is already working on expanding its platform to cover product-based recommendations while also helping organisations with their cost-control and compliance needs.