Israeli cyber startup Cyolo, developer of a Zero Trust Network Access 2.0 solution for organizations, announced that it has raised $21 million in a Series A funding round led by VC fund Glilot Capital Partners, with the participation of National Grid Partners and Merlin Ventures as well as existing investors Global Founders Capital, Flint Capital, and Differential Ventures.
The fundraising by Cyolo comes amid the backdrop of increasing cyberattacks over the last year that have become more sophisticated, complex and difficult to identify. In order to deal with the new security challenges, governments and many organizations are adopting new work methods based on methodologies of zero trust of any user until proven otherwise. The need for this type of solution has particularly increased during the COVID-19 era with the transition to the hybrid work model combining work from home and the office that is here to stay.
Over the last year, Cyolo has doubled its value each quarter, built a base of satisfied customers and expanded its partnerships with global service providers. The latest funding round will help the company promote and expand its plans in the field of research and development of additional solutions for customers, as well as double its workforce in Israel by the end of this year.
The solution of Cyolo provides a way for users to connect safely to their work environment without endangering the organization. The system identifies, verifies and authorizes every device, user and action before and after they are given access to any organizational resource, while providing organizations with transparency on the actions of users. The cloud platform of Cyolo provides a unique technological solution that enables secure connections without exposing the organization's data and prevents breaches of its customers' sensitive data. In addition, the company's solution covers both IT and Operational Technology (OT) in a single platform.
The company "is solving a critical problem by giving organizations an agile and easy-to-integrate solution that allows them to have full visibility and control," said Almog Apirion, CEO and co-founder of Cyolo. "The timing is right to expand into new markets, and this investment enables us to further execute our vision of transforming secure connectivity from network-based to identity-based, in order to provide organizations with a solution for their current and future needs. This round will allow us to accelerate growth and R&D efforts, and help new customers easily navigate the transition to Zero Trust."
Kobi Samboursky, Glilot Capital Partners co-founder and Managing Partner, said "We have been tracking Cyolo and other Zero Trust technologies for quite some time and Cyolo's product execution is the best we've seen. Cyolo has grown exponentially and its roadmap and vision for the future of secure connectivity aligns with market needs. We are excited to support the company as it enters its next phase of growth."
"By simplifying complex environments and enabling organizations to secure their digital assets in a distributed and multi-cloud environment, Cyolo's flexible model integrates with existing technologies to ensure the safety of sensitive data and digital processes," said Sergey Gribov, Partner at Flint Capital. "This cutting-edge solution enables organizations to create their own distributed cloud based on identities."