The Torii 10m Series Wing venture capital and technology company has secured a new round of funding from VC firms. In addition, they have expanded their engineering and data science teams to include both Israeli and U.S.-based employees. These efforts, along with the company’s continued growth, have helped the company increase its revenues by more than 400 percent over the past year.
Revenues grew by 400% year-over-year
Torii has confirmed a $10 million Series A round of funding led by Wing Venture Capital. The company was founded by serial entrepreneur Uri Haramati. Previously, he was the head of product at Houseparty, a startup that rose to prominence during the Covid-19 pandemic.
With a SaaS-based platform, Torii helps organizations manage users, licenses and costs. It has managed over $1 billion in total software spend and is monitoring $4 billion in transactions. By automating its SaaS management process, the company can save its customers hundreds of hours of manpower.
Torii uses data from many different sources to make the right decisions. It centralizes all of its applications and makes it easier for users to take action on the apps that need to be addressed. This allows Torii to take a more holistic approach to its SaaS management problem.
Torii is based in the suburb of Ra’anana in Tel Aviv, and it currently employs about 30 people. In addition to its commercial team in the U.S., it has a data science team in Israel. As more organizations adopt SaaS to improve their employee experience, Torii hopes to expand its commercial team and engineering team in the near future.
Unified software graph data model
A new company, Torii, has raised $10 million in Series A funding led by Wing Venture Capital. The Israel-based startup has developed a platform for SaaS management that takes an automated and holistic approach. With deep integrations with enterprise platforms, Torii can match data from multiple sources. This way, individual IT practitioners can save time and money.
Torii’s vision is to build a unified software graph data model for modern enterprises. Graph databases provide a natural way to scale and change large datasets. Their flexibility allows them to perform concurrent, parallel, and complex graph queries. They can also connect data silos, and make real-world context machine-understandable.
For example, retail companies track customer consumption. This type of data is often complemented by social and Internet of Things (IoT) data. In turn, knowledge graphs can be used to integrate data from these systems. By linking data to other sources, knowledge graphs can produce a flexible data layer for an enterprise.
Reduced IT hours spent on offboarding by 75%
It’s no secret that offboarding is an expensive task, particularly in a multigenerational workforce. One way to combat this is to make your offboarding process the star of the show. There are a number of ways to do this ranging from a simple mobile app to a high-tech solution. By and large, the easiest way to do this is to hire the services of a well-established offboarding service provider. Using a reputable offboarding solution will help you get the most from your human resources dollars and keep you on the path to employee engagement and retention. In addition, using a third party offboarding provider will also eliminate the headaches associated with resolving employee-related disputes. Besides, a dedicated offboarding team will ensure that every new employee leaves the company a happy and productive employee. This is obviously a boon to the company’s bottom line, especially considering the high cost of recruiting new talent.
Expanded engineering and data science teams in Israel and commercial teams in the U.S.
Data teams are key to a company’s success. Companies must deploy accurate analytics. They also need to leverage fresh data. If they do not, they could miss out on an opportunity to grow.
Israel is known as a “start-up nation.” It has more start-up companies than Canada, the United Kingdom, and even Japan. This is a story of an economic miracle.
Many companies offer clear career paths and a good work/life balance. While some organizations focus on marketing, others are engineering or sales-driven. As a result, not all functions have the same influence on overall business decisions.
The density of data scientists is highest in Israel. In fact, data scientist hiring has accelerated over the past year. Microsoft and Facebook have boosted their data scientist workforces by 151%.
In Israel, there are 366 multinationals running research and development centers. Most of them belong to the Computer Software industry. However, there are other sectors such as Information Technology and Services that employ the most data scientists.