February 16, 2024 at 10:03AM
Permit.io, an Israeli startup, secured $8 million in Series A funding, totaling $14 million. Led by Scale Venture Partners, the round included Firestreak, NFX, Roosh Ventures, and Verissimo Ventures. The Tel Aviv-based company, founded in 2021, focuses on a full-stack authorization framework for application developers. Its latest release, Approval Flows, streamlines complex authorizations, supporting AI bots and agents. The funding aims to support scale and expansion in the US market.
Key takeaways from the meeting notes:
1. Permit.io, an early stage Israeli startup, has secured $8 million in a Series A funding round, bringing the total raised by the company to $14 million. The investment round was led by Scale Venture Partners, with participation from Firestreak, NFX, Roosh Ventures, and Verissimo Ventures.
2. Founded in 2021, the Tel Aviv-based company is focused on developing technology for a full-stack authorization framework that enables developers to implement approval flows into applications.
3. On Thursday, Permit.io also launched Approval Flows, a comprehensive solution meant to help organizations handle complex authorizations for access to data, with support for AI bots and agents. The platform offers features such as end-to-end flow management, customizations for embedding in UI applications, compatibility with existing authentication and identity providers, fine-grained authorization support, as well as audit logs of flow configuration and authorization checks.
4. Permit.io’s platform provides a no-code policy editor, generates fully transparent policies, and offers APIs for policy creation, management, and automation.
5. The new funding will be utilized to scale the company to meet the growing demand, including expanding its presence in the US market.
6. Permit.io’s co-founder and CEO, Or Weis, emphasized that their no-code, future-proof solution eliminates the need for dedicated headcount, maintenance, and compute power for setting up authorization across applications, providing a unique offering in the market.