Intello, an intelligent SaaS (software-as-a-service) optimization provider, has officially announced the closing of US $1.3 million in seed funding by Emerge with participation from BoxGroup, Blacktop, Kaedan, Tectonic, InVision founder Clark Valberg, The Muse founder Kathryn Minshew, and Sense360 founder Eli Portnoy.
The seed financing closed in August 2017. New York City based Intello was co-founded by Barak Kaufman and Shlomo Shon Dalezman in March 2017.
Emerge is a Tel Aviv based venture capital firm investing primarily in early stage startups that operate in diverse verticals and powered by deep technology.
Intello’s end-to-end SaaS optimization platform unlocks full visibility into an organization’s SaaS spend, usage and compliance. The platform leverages direct integrations with Quickbooks, Netsuite and Salesforce and a proprietary browser extension, to create one system of record to manage SaaS applications.
“The explosion of SaaS has led to significant issues for finance and IT teams tasked with keeping up and managing the ever-growing subscriptions, licenses, renewals and security of software applications,” said Barak Kaufman, Intello’s co-founder & CEO. “We’ve built an automated platform to manage the purchasing and compliance lifecycle of SaaS applications.”
Intello has seen increased demand from companies needing to comply with the General Data Protection Regulation (GDPR) in Europe. GDPR, which takes effect on May 25th, enforces strict regulation for data collection and processing. Companies need a complete understanding of 3rd party software in-use and where their customer’s data is being stored. Intello’s platform automates the initial auditing process and then monitors for real-time usage of SaaS applications, including Shadow IT.
“Intello has already won the trust of world class companies,” said Dovi Ollech, Founder and Managing Partner of Emerge. “We’re thrilled to be working with the Intello team to build the next-gen platform for SaaS optimization.”
photo credit: Intello