Cyolo Raises $60 Million in Series B Financing to Meet the Rising Demand for Smarter, Faster and More Reliable Access to Digital Assets
Funds will expand Cyolo’s leadership and accelerate the global presence of its identity-based access solution to deliver much needed visibility, traceability, and control to organizations undertaking digital transformation initiatives.
TEL AVIV, ISRAEL — June 28, 2022 — Cyolo, creator of the original Zero Trust Network Access 2.0 (ZTNA 2.0) solution for IT and OT, announced today the completion of a $60 million Series B round led by round led by National Grid Partners, the venture investing andinnovation arm of National Grid, and with the full support of existing investors Glilot Capital Partners, Flint Capital, Differential Ventures, and Merlin Ventures. This brings Cyolo’s total funding to $85 million, including a Series A round completed in 2021.
Cyolo will use the investment to execute on its vision of bringing stronger security, greater productivity, and better operational agility to organizations embarking on their digital transformation journeys. Recent years have witnessed a skyrocketing demand for data, and VPNs and other legacy tools have proven unable to satisfy organizational needs. Enterprises today require a more secure and efficient way to connect people to the distributed resources their work depends on.
“As a former CISO myself, I saw firsthand the complexity and cyber risk of enacting a digital transformation process with users and digital assets spread all over the place. When I couldn’t find a solution to meet my needs, I set out to create one,” said Cyolo co-founder and CEO Almog Apirion. “I joined forces with two ethical hackers to build the most secure and flexible identity-based access solution on the planet. But our real passion is to go far beyond ZTNA and enable simple and secure digital transformation for all enterprises.”
Cyolo offers identity modernization capabilities, including the ability to add multi-factor authentication (MFA) to any system, identity federation, built-in password vault, and directory services to ensure identity infrastructure is built on a solid foundation. Cyolo takes customers on the complete journey to secure all users, starting with high-risk access and third-party users, proceeding to remote workers, and concluding with full implementation across all users, apps and assets, on-site and remote.
“Cyolo’s innovative identity based access approach gives organizations in critical infrastructure industries the confidence to connect to their digital assets across multiple IT and OT environments,” said Lisa Lambert, Chief Technology and Innovation Officer, National Grid and Founder and President, National Grid Partners. “Cyolo's impressive growth over the last two years reflects the increasingly urgent need to secure critical infrastructure.”
About Cyolo
Cyolo helps organizations in the IT and OT spaces to stay both secure and productive in an era of distributed workforces and unprecedented cyber threats. Cyolo’s next-generation zero trust network access solution (ZTNA 2.0) enables all users, including employees, third parties, and remote and on-site workers, to seamlessly and securely connect to their working environments via modern identity-based authentication. With one unified solution that integrates with your existing tech stack and deploys easily in the cloud, on-prem or in a hybrid model, Cyolo empowers the global workforce to securely access applications, files, servers, and desktops from any device on local networks or in the cloud. To learn more, visit cyolo.io.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), pathfinding and incubation, corporate venture capital, business development and venture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us at www.twitter.com/@ngpartners_ and www.linkedin.com/showcase/national-grid-partners.
