Cyolo pulls in $60m Series B for security mission

Cyolo, which helps organisations in the IT and OT spaces stay secure and productive in an era of distributed workforces and unprecedented cyber threats, has raised $60m in Series B funding.

The round was 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.

Cyolo provides identity modernisation capabilities, including the ability to add mutli-factor authentication (MFA) to any system, identity federation, build in password vault, and directly services to ensure identity infrastructure is built on a solid foundation.

The company said that in recent years, demand for data has skyrocketed, with VPNs and other legacy tools unable to satisfy the more secure and efficient organisational needs of enterprises today.

This round brings Cyolo’s total funding to $85m, including its Series A completed in 2021. The company said it will use the capital to execute its vision of bringing stronger security, greater productivity and better operational agility to organisations embarking on their digital transformation journeys.

Almog Apirion, Cyolo co-founder and CEO, said, “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.

“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 for all enterprises.”

Bunkyr, a zero-knowledge security API developer, recently collected $1m in pre-seed funding to support the development and delivery of its products.

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