Cyolo raises $60 million Series B for zero trust network access solution
The Israeli startup helps organizations in the IT and OT spaces to enable all users, including employees, third parties, and remote and on-site workers, to seamlessly and securely connect to their working environments
Cyolo, which develops Zero Trust Network Access 2.0 (ZTNA 2.0) solutions for IT and OT, announced on Tuesday the completion of a $60 million Series B round led by National Grid Partners, the venture investing and innovation 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 helps organizations in the IT and OT spaces with its zero trust network access solution (ZTNA 2.0) that enables all users, including employees, third parties, and remote and on-site workers, to seamlessly and securely connect to their working environments via identity-based authentication.
Cyolo was founded in 2020 by CEO Almog Apirion, CTO Dedi Yarkoni, and Chief Architect Eran Shmuely. It employs 75 people, 40 of them in its R&D center in Ramat Gan.
The company, which has seen its revenue increase sixfold over the past years, offers 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 provides solutions 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.
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“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.”
