Cyolo, the Israeli creator of the original Zero Trust Network Access 2.0 solution for IT and OT, announced today the completion of a $60 million Series B round led by National Grid Partners, with participation from existing investors Glilot Capital Partners, Flint Capital, Differential Ventures, and Merlin Ventures.
Smarter, faster and more reliable access to digital assets
With the digital transition, we have seen a soaring demand for data in the past several years, which has led to a surge in cyber threats. Enterprises today need secure and efficient ways to connect to the distributed data resources their company and employees depend on. However, VPNs and other legacy tools have proven unable to satisfy organizational needs. Moreover, the complexity and cyber risk of enacting a digital transformation process with users and digital assets spread all over the place is immense. That is why Cyolo sought to create a unique solution: to build the most secure and flexible identity-based access solution on the market that will enable simple and secure digital transformation for all enterprises.
Cyolo’s product, the Zero Trust Network Access 2.0 (ZTNA 2.0) solution, enables users, be it employees, third parties, and remote and on-site workers, to seamlessly and securely connect to their working environments via modern identity-based authentication. Their idea was to create one unified solution that integrates with a company’s existing tech stack and deploys easily in the cloud, on-prem or in a hybrid model. This empowers any workforce to securely access applications, files, servers, and desktops from any device on local networks or in the cloud- which is perfect for the new post-covid work norm. Cyolo is able to achieve this by offering 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.
In a conversation with Geektime, Cyolo's CEO, Almog Apriron, explained to us in-depth that by using identity modernization capabilities “The product connects users to the systems and can determine who can access what, and what actions are allowed to be performed, regardless of a users location.” He continued saying, “A user wishing to connect must undergo identity-based verification, followed by Cyolo’s product checking which digital assets the admin allowed that user to connect to. After approval, the product creates a secure connection between the user and the digital asset and enforces that said user only performs tasks that are preapproved of during the connection.” Apriron sees this recruitment as a vote of confidence for Cyolo: “The current market’s uncertainty was definitely felt by our team during this funding round, but our ability to raise money, regardless of the economic climate, is a true expression of confidence in our vision and technology.”
Cyolo was founded in 2019 by Dedi Yarkoni (CTO), Eran Shmuely (Chief Architect), and Almog Apriron (CEO). To date, they have raised $85 million.