entrio, a Tel Aviv, Israel-based provider of a next-generation IT asset management platform for enterprises, raised $7.5 million in funding.
The round was led by Communitas Capital Partners, with participation from BNY Mellon, Vintage Investment Partners, Alicorn, and Elisha Wiesel- the former CIO of Goldman Sachs.
This round of funding will allow entrio to continue developing its technology and reach out to even more clients globally.
The company also intends to expand its data coverage across additional IT assets to provide enterprises with a comprehensive 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."
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 company launched its platform in 2021 after the company pivoted from its earlier business model. Its 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.
Funding Month: March 2023
Lead Investors: Communitas Capital Partners
Additional Investors: BNY Mellon, Vintage Investment Partners, Alicorn, and Elisha Wiesel
Company Website: https://entrio.io/
Software Category: IT Asset Management Platform
About the Company: Founded by Avi Cohen, Gil Devora, and Moises Cohen, entrio is a cloud platform built for enterprises to manage and monitor their vendor stack. It provides visibility and 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 its tech assets. The company is ISO-27001 certified and SOC-2 ready, working already with some of the largest banks in the world.