Israeli startup Hysolate, which creates secure isolated virtual workspaces for end-users, announced a $10 million funding round led by Planven, with existing investors Bessemer Venture Partners and Team8.
Low funding for new product
Hysolate’s virtualization technology secures corporate assets by creating isolated virtual spaces, using a hypervisor underneath the operating system in a visible and manageable way. This results in two isolated systems that are disconnected one from another, and that provide the end-user with full visibility, without interrupting user experience. Meaning, that the user can continue browsing around the web, install any app, or plug-in, as well as use various cloud-services, all while fully protecting the organizational assets.
CTO and co-founder Tal Zamir once said that the inspiration for the company’s product came from elite Israeli military unit 8200’s standard working methods. According to Zamir, computers that are 3-5 years old didn’t show significant lag or operating issues, based on “blind” testing.
Aside from the funding round, the company also launched a new product that will enable organizations to completely isolate work environment from the user’s personal online environment, which aims to accommodate network security to the work-from-anywhere reality that seems will be with us for a while.
In a conversation with Geektime, CEO Mark Gefen explained that since the last funding round, the company has invested a lot in further product development, as well as expanding marketing channels in the U.S. and the rest of the world, “COVID is acting as wind on our backs, due to the fact that organizations are recalibraitng their trajectories regarding IT and data security needs, in order to create a productive yet safe environment from home.”
Gefen also responded to the recent $10 million round, although, the last round in 2018 saw the company count $18 million in investments. “We closed $10 million to accelerate the work-from-anywhere oriented product development. The current funding covers the new product efforts, and we plan on engaging on a much more extensive round next year.”
Hysolate was founded in 2017 by CTO Tal Zamir, who carries a rich past in the cyber and virtualization arenas, and Dean Diner, who left the company. The company raised a total of $33 million to-date. According to Hysolate, the incoming funds will head towards accelerating the company’s new remote security product to market.