Cyolo, an Israeli startup building technology for zero trust networking, on Monday announced a new $60 million investment led by the venture investing arm of National Grid.
In addition to National Grid Partners, Cyolo said it scored investments from Glilot Capital Partners, Flint Capital, Differential Ventures, and Merlin Ventures.
The Series B financing brings the total raised by the Tel Aviv-based Cyolo to $85 million and provides a solid runway for the company to compete in the ZTNA (Zero Trust Network Access) marketplace.
The company and its investors are betting on finding major success from the surging demand for zero trust principles at organizations large and small. The Cyolo fundings comes amidst a push by the federal government to mandate the implementation of zero trust models to mitigate malicious attacks.
[ READ: John Maddison: Deciphering Zero Trust Acronyms ]
“As a former CISO myself, I saw first hand the complexity and 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.
Apirion, who served as head of the cybersecurity unit in the Israeli Navy, said the plan is to build “the most secure and flexible identity-based access solution on the planet.”
Cyolo’s technology gives organizations the ability to add multi-factor authentication (MFA) to any system and offers tools for identity federation, built-in password vault, and directory services.
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Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.
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