NewCore exited stealth Monday with $66 million in seed funding and a $300 million post-money valuation, pitching itself as the identity layer for an enterprise workforce that increasingly includes AI agents. Cyberstarts led the round, with Index Ventures and Evolution Equity Partners joining. The bet: that platforms like Okta and Microsoft Entra, designed 15 to 20 years ago for human logins, will buckle under the operational load of authenticating, governing, and revoking thousands of software workers.
The data behind the bet is already visible at large enterprises. McKinsey said earlier this year that 25,000 AI agents now work alongside its 60,000 human employees, a ratio of roughly one agent for every 2.4 people. Goldman Sachs tested coding agent Devin as a new employee last year. NewCore CEO Zohar Alon argues that scale of deployment is what breaks existing identity systems, which treat machine credentials as a side category rather than first-class identities with permissions and lifecycle controls.
Alon co-founded NewCore with CTO Amihai Neiderman, a former Unit 8200 research leader who also founded healthcare AI startup Nym Health, and chief commercial officer Erez Yarkoni, formerly CIO at T-Mobile USA and Telstra. Alon's last company, cloud-security startup Dome9, was acquired by Check Point. The team has grown NewCore to more than 50 employees across the U.S. and Israel.
“We know for sure that the scale and the complexity that those things [AI agents] are going to add to 15- or 20-year-old identity platforms are going to break them”— Zohar Alon, NewCore co-founder and CEO
Key facts
- 01NewCore emerged from stealth with $66M in seed funding led by Cyberstarts, valuing the company at $300M post-money.
- 02Index Ventures and Evolution Equity Partners joined the round; the startup has grown to more than 50 employees across the U.S. and Israel.
- 03McKinsey says 25,000 AI agents already work alongside its 60,000 human employees, the kind of ratio NewCore is built to manage.
- 04NewCore counts fewer than 10 paying customers and more than 10 design partners, with billing set to begin this summer.
- 05CEO Zohar Alon previously founded cloud-security startup Dome9, which was acquired by Check Point.
The product pitch centers on a unified system that handles human and agent identities on the same plane. NewCore uses a "split-key" architecture that divides critical credentials between the customer and the platform, an approach designed to eliminate a single point of compromise if either side is breached. The company also ships an "Agentic Skill" integration package for coding assistants including Anthropic's Claude Code, OpenAI's Codex, and Cursor, letting those tools access enterprise systems as managed identities rather than through manually distributed API keys.
A companion mobile app lets employees grant, review, and revoke agent access in real time. Alon describes that as a human oversight layer that becomes necessary as autonomous systems multiply inside corporate networks. The customer base today is small: fewer than 10 paying customers and more than 10 design partners. NewCore expects to begin charging this summer.
The competitive question is whether incumbents close the gap before NewCore can establish a beachhead. Okta and Microsoft's Entra have both shipped capabilities for AI-agent identities over the past year. Alon's argument is that those features sit alongside platforms architected for human users, rather than being native to the system.
The idea for NewCore took shape in 2023, when Alon was reviewing the technology budget of a company that relied on an established identity provider. He assumed the size of the bill implied satisfaction. The customer told him otherwise. Alon read the exchange as a signal that identity had become a large but stagnant market dominated by vendors facing limited competitive pressure — exactly the conditions under which a new entrant with a different architecture can take share.
The thesis depends on AI agents becoming a significant share of the enterprise workforce in the next few years, not the next decade. TCS Chairman N. Chandrasekaran has publicly suggested AI agents could eventually rival the size of the Indian IT services company's human workforce. McKinsey's 25,000-agent figure is the kind of internal deployment number that, if it generalizes across the Fortune 500, would push identity provisioning volumes well past what current platforms were built to handle.
The risks for NewCore are the usual ones for a category-creation play: customers may decide the incumbents' bolt-on agent features are good enough, or the agent-workforce trend may take longer to materialize than the cap table requires. Fewer than 10 paying customers at a $300 million valuation is a steep multiple by any conventional measure, and the company has not yet started charging.
What makes the NewCore round interesting is less the product than what the funding implies about how investors are pricing the agent-workforce thesis. A $66 million seed at a $300 million valuation for an identity startup with no revenue is a vote that the agent-management category will be large enough, and emerge fast enough, to support new infrastructure vendors rather than being absorbed by Okta and Microsoft. If McKinsey's 25,000-agent figure becomes a typical enterprise number rather than an outlier, that bet looks reasonable. If it stays an outlier for another two or three years, NewCore will need its design partners to convert quickly.
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