Israeli run cyber company Unbound Tech Ltd., which specializes in cryptographic key management and protection, announced Tuesday that it has raised $20 million in series B funding. Unbound's key orchestration platform provides the cryptographic infrastructure to enable enterprises around the world to secure and manage all their information and digital assets.
The most recent round was led by Evolution Equity Partners, which joins existing investors Innovation Endeavors, Goldman Sachs, Citi, and BlueRed Partners.
Unbound was founded in 2015 by world-renowned cryptographers Professor Yehuda Lindell, who serves as the company’s CEO, and Professor Nigel Smart. They were joined by Guy Peer who heads Unbound's research and development team. The company employs 51 people, 40 of them working out of its development center in central Israel.
Unbound will use the new capital to grow its business in the Enterprise sector. This round brings the company’s total capital raised to $40 million and will enable it to increase its team size by 30% by the end of Q1 2021.
"The completion of this funding round marks a significant milestone as we enter our next growth phase," Lindell, the company’s co-founder and CEO, said.
As part of the funding deal, J.R. Smith, a partner at Evolution Equity Partners, will join Unbound's board. Prior to joining Evolution, Smith was Chief Executive Officer of AVG Technologies. “Unbound Tech has been a great success story so far, pioneering invaluable security and privacy solutions through innovative cryptographic methods. We are excited to help the company continue to scale globally. The demand for easy-to-manage security solutions is constantly growing and Unbound is well poised to become a global leader in this space,” Smith said in a statement.
Data protection, privacy, authentication, and trust are all based on cryptographic keys. Unbound's Multi-Party Computation (MPC) technology ensures keys are never exposed throughout their lifecycle, in any environment such as public and private cloud, virtual environments, containers, and on-premises.