Israeli software-as-a-service automation startup Torii Labs Ltd. has raised $10 million in new funding to develop out its management platform and hire more people.

The early-stage venture capital round was was led by Wing Venture Capital and included Entree Capital, Global Founders Capital, Scopus Ventures and Uncork Capital.

Founded in 2017, Torii offers a SaaS management automation platform that is designed to monitor, measure and optimize the cost of all SaaS applications run in an organization. The platform automatically discovers and maps applications being used to optimize SaaS utilization based on data analytics, automation and actionable insights. In doing so, the platform enables information technology professionals to discover, optimize and control their organization’s SaaS usage and costs.

Torii’s platform also includes the ability to discover previously undiscovered applications to insure that no applications have fallen through the cracks.

Automation is key to the offering with a drag-and-drop workflow builder allowing IT professionals to deliver advanced, fully automated workflows for internal processes. Plug-and-play integrations available out of the box include support for Google LLC products, Microsoft Corp.’s Office 365, Slack Technologies Inc., GitHub, Salesforce Inc., Asana Inc., Pipedrive Inc. and Zoom Video Communications Inc.

Torii customers include Delivery Hero SE, Monday.com Ltd., AppsFlyer Ltd., Fiverr International Ltd., Pipedrive, Lightricks Ltd., Payoneer Inc., Palo Alto Networks Inc. and SimilarWeb Ltd.

In an interview with TechCrunch, Uri Haramati, co-founder and chief executive officer of Torii, said he had started the company as “we all felt the changes around SaaS and managing the tools that we were using. We were all early adopters of SaaS. We all [took advantage of SaaS] to scale our companies and we felt the same thing: The fact is that you just can’t add more people who manage more software, it just doesn’t scale.”

The market Torii is addressing is rapidly growing. According to data from a report from SaaS firm Zylo Inc. shared with SiliconANGLE, the number of SaaS applications organizations use grew by 9% in 2020 — nearly double the 5.3% growth rate the year before.

Not surprisingly, much of the shift was the result of the switch to remote work caused by the COVID-19 pandemic, with SaaS spending increasing 26% between February and April. The report notes that one in four employees expense SaaS, but expensed spending leads to duplicate purchases as well as redundant functionality. Those problems dilute purchasing power, increase transactional burden and create interorganizational friction.

Image: Torii