Israeli cybersecurity startup NewCore has emerged from stealth mode, announcing it has raised a total of $66 million in funding, with a $16 million pre-Seed round and an expanded Seed round. With a current valuation of $300 million, NewCore operates from offices in Tel Aviv and San Francisco and employs over 50 people. Founded by Zohar Alon, Amihai Neiderman, and Erez Yarkoni, the company aims to revolutionize identity management by building a secure infrastructure platform to manage and secure identities and permissions for employees, systems, and AI agents.
NewCore’s CEO, Zohar Alon, emphasizes that the company is not looking for a quick exit but aims to compete directly with industry giants like Microsoft and Okta. The company’s platform addresses the growing vulnerabilities in identity management systems, which have become prime targets for breaches. NewCore’s solution is designed to reduce the risk of credential theft and malicious logins, offering organizations a seamless migration from legacy systems.
The startup plans to generate significant revenue in the near future, targeting organizations with over 500 employees. Alon asserts that their solution fits within existing budget frameworks while offering superior capabilities, leading to a growing number of large organizations choosing NewCore over competitors like Okta.
