Israeli startup entrio, provider of a next-generation IT asset management platform for enterprises, has raised funding of $7.5M led by Communitas Capital Partners joined by BNY Mellon, Vintage Investment Partners, Alicorn and Elisha Wiesel- the former CIO of Goldman Sachs
TEL AVIV, Israel, March 31, 2023 /PRNewswire-PRWeb/ -- Israeli startup entrio, provider of a next-generation IT asset management platform for enterprises, has raised funding of $7.5M led by Communitas Capital Partners joined by BNY Mellon, Vintage Investment Partners, Alicorn and Elisha Wiesel- the former CIO of Goldman Sachs.
entrio is an AI-driven IT asset management solution that helps enterprises in the financial industry manage and optimize their vendor stack, which on average can exceed ten thousand solutions and is valued at hundreds of millions of dollars per organization. The startup's unique cloud-based platform, designed in partnership with large tier-1 enterprises, empowers IT Governance and IT Sourcing teams with the visibility, searchability and intelligence to manage their vendor stack ultimately providing customers with the data intelligence and automation they need to drive efficiency, visibility and reusability of their on-premise and cloud solutions, and actively helps to reduce costs.
In today's bear market, large enterprises are seeking ways to cut expenses while remaining compliant and in control of their assets. This funding round will enable entrio to continue developing its technology and extend its reach to even more customers globally. With this funding and its growing tier-1 customer base, the startup is positioning itself among the top players in IT asset management. entrio also recently announced its integration of gpt-3, becoming the first one in the ITAM space to embed these capabilities. The company also plans to broaden its data coverage across additional tech assets to enable enterprises to gain a holistic view of their tech stacks.
"We are honored to have received this vote of confidence from our new investors, and are fortunate to have achieved a strong track record in such a short time with some of the world's top-tier banks," said Avi Cohen, co-founder & CEO of entrio. "This round will allow us to continue building the best-in-class IT asset management solution for some of the most respected financial institutions and largest enterprises in the world."
"We are pleased to leverage entrio's advanced solution to optimize and manage our vendor stack," said Amy Shanle, Global Head of Enterprise Change and Resiliency Office at BNY Mellon. "entrio's technology will help us gain better visibility of our IT assets to drive efficiency and commercial opportunities across our organization."
Elisha Wiesel, the company's Chairman added, "entrio tackles some of the most important challenges banks have in the vendor landscape today. If I'm building a business, what are the best existing software components already in the marketplace? If I'm looking to cut redundancy and save money, how can I best assess feature overlap across my existing vendors? It's exciting to watch the entrio team come up with much-needed, modern solutions to these long-standing use cases."
"Demand for innovative IT asset management solutions is growing rapidly, and entrio is uniquely positioned to capitalize on this trend. We are excited to co-lead this round and partner with entrio to support their vision of revolutionizing IT asset management with their advanced technology and cutting-edge AI tools," said Doug Atkin, Managing Partner at Communitas Capital Partners.Alexander Assim Managing Partner at Alicorn, said, "entrio is at the frontier of solving a painful transparency problem in the management of IT assets. We think this is truly a timely opportunity for the company, its exceptional management team and their existing track record in this space. Several of the world's most respectable financial institutions have already placed their faith in the product, and we see an accelerating trend of the same asset management problem across multiple sectors."
entrio launched its platform in 2021 after the company pivoted from its earlier business model. The company was founded by Avi Cohen (CEO), Gil Devora (CBO) and Moises Cohen (CPO). The company is chaired by Elisha Wiesel, the former CIO of Goldman Sachs.
entrio is a cloud platform built for enterprises to manage and monitor their vendor stack. It provides visibility & insights, actively lowering costs, minimizing risk, and maximizing the use of the enterprise's solutions. Headquartered in Israel, entrio is building the next-generation platform for IT asset management, minimizing costs and maximizing value so the organization can focus on creating business value, remain compliant and make the most of it tech assets. The company is ISO-27001 certified and SOC-2 ready, working already with some of the largest banks in the world. Visit us at http://www.entrio.io
About Vintage Investment Partners
Vintage Investment Partners is a global venture firm combining fund-of-funds, secondary funds and growth funds. With over $3.6 Billion under management, 14 active funds, across the U.S., Europe, and Israel, Vintage is invested in several of the world's leading venture funds with exposure to approximately 2,250 technology companies. Vintage uses its unmatched network to connect startups across the world to hundreds of corporations seeking support in their digital journeys, helping drive an ecosystem to maximize its potential and reach new heights. Founder of PowerinDiversity initiative and signatory of the UN's Principles for Responsible Investment (UN PRI).
About Communitas Capital Partners
Communitas Capital is a New York based venture capital firm founded by financial industry veterans Doug Atkin, former CEO of Instinet, Tom Glocer, former CEO of Thomson Reuters, and Duncan Niederauer, former CEO of The New York Stock Exchange. Communitas invests in early-stage businesses in financial technology and other verticals - such as real estate tech, insurance, alternative data, blockchain and digital marketplaces - that demonstrate similar disruptive characteristics. To learn more visit http://www.communitascapital.com
About Alicorn Venture Partners
Investing in secondaries since inception in 2017, Alicorn Venture Partners has backed some of the most highly regarded names in Israeli and European tech. Alicorn invests in undervalued top tier companies at a later stage of growth. We leverage proprietary access to these companies through a deep rooted startup network. Secondary transactions enable us to optimize our entry and timing, hence maximizing returns. Over the years, we have built extensive knowledge of, and experience within, the secondary market which continues to flourish in Israel and emerge in mainland Europe. In specific situations, we will also invest in primary investment rounds. Our portfolio companies are almost exclusively B2B, with products in a range of deep technology thematics from cybersecurity to data architecture. By focusing on value and targeting growth stage companies with a bias for M&A exits, we inherently channel investment towards shorter investment horizons and higher returns.About BNY Mellon BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Additional information is available on http://www.bnymellon.com.
Gil Devora, entrio, 972 0506561115, [email protected]