Cybersecurity Startup Cyolo Raises $60M In Series B Funding

Cyolo, an Israeli startup that allows users to securely access apps, servers, desktops, and files, has announced $60 million in series B funding.

It says that with a dramatic increase in the demand for data, VPNs and other methods have failed to meet the need for security.Its zero-trust network access (ZTNA) offers an improved alternative to VPNs for limiting remote server access.

The latest funding round, announced last Tuesday, 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.

Cyclo announced $21 million in series A funding last July, led by Glilot Capital Partners, with a strategic investment from National Grid Partners and Merlin Cyber and support from existing backers Flint Capital, Global Founders Capital, and Differential Ventures.

Cyolo co-founder and CEO Almog Apirion said: “As a former CISO (chief information security officer) 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.”
He partnered with two ethical hackers, Eran Shmuely and Dedi Yarkoni, to build the functionality he wanted with the security capabilities to keep out the most sophisticated attackers.

In  two years the Cyolo team built a platform to provide workforces with convenient and secure access to applications, resources, workstations, servers and files, regardless of their location or the device used.
Cyclos says its adaptive, comprehensive solution covers a wide range of use cases, from external 3rd party access to internal servers, to OT operators accessing critical networks.

It says many ZTNA providers keep their customer’s passwords, user data, tokens, access policies and private keys inside their cloud. But with Cyolo, the data and control plane reside with the customer and are not stored in the cloud.