- Cyolo is a startup that developed a platform that allows users to securely access their organization’s apps, servers, desktops, and files.
- It has raised $21 million in Series A funding and will use it to accelerate expansion and R&D activities, as well as to assist new clients in navigating the move to zero trust networking.
- Cyolo identifies and approves devices, users, and identities in a network on a continuous basis, granting them access to corporate resources, apps, data, software, and more.
- It is located in Tel Aviv, Israel, and has raised $25.2 million to date.
Cyolo, a startup that is developing a platform that allows users to securely access their organization’s apps, servers, desktops, and files, announced today that it has raised $21 million in series A funding led by Glilot Capital Partners, with strategic investments from National Grid Partners and Merlin Cyber, as well as support from existing backers Flint Capital, Global Founders Capital, and Differential Venture.
Cyolo will use the funds to accelerate expansion and R&D activities, as well as to assist new clients in navigating the move to zero trust networking.
Today’s organizations confront a growing number of breaches and vulnerabilities, which can result in reputational and financial harm. According to IT Governance experts, by June 2021, there were 9.8 million records exposed across 106 instances. As a result, some businesses are taking action by hastening the implementation of zero-trust networking.
Zero trust connection eliminates the extra trust that was previously necessary to allow employees to cooperate, abstracting the access methods so that security engineers and staff may be completely accountable for them.
How Cyolo Functions?
Cyolo identifies and approves devices, users, and identities in a network on a continuous basis, granting them access to corporate resources, apps, data, software, and more. Cyolo, which covers both IT and operational technologies, does not have access to client data, guaranteeing that businesses do not compromise on sharing data or secrets.
“Cyolo was created in 2019 by former commanders of the Israeli Navy Cyber Unit to assist businesses in being flexible, resilient, and productive,” said co-founder and CEO Almog Apirion in an email to VentureBeat. “The epidemic has expedited digital transformation across virtually every sector and vertical, and the underlying change is that secure computer communication is changing from network-based to cyberspace identities. Cyolo is delivering zero trust safe connection and identity-based verification to cyberspace and transforming entities—devices, computers, and services—into users.”
According to Apirion, Cyolo operates in existing environments and does not require infrastructure changes to adapt to new locations, networks, or platforms. Any device running a “modern” operating system may be recognized with a passport or verified identity, and any organization on the platform can identify other identities before authorizing connections.
Apirion cited Rapac Energy as a client who collaborated with Cyolo to give access to systems linked with suppliers and support teams. The new solution required to include security features that met strict regulatory and Rapac’s security team standards.
“Rapac had utilized a VPN in the past, but access was sluggish, usage was cumbersome, and the staff was dissatisfied with it,” Apirion explained. “Prior to discovering Cyolo, Rapac… felt [it] would have to construct the solution [it] required from a collection of disparate applications and systems that he would link together. Internally, Cyolo’s… Rapac technology was utilized to guarantee zero trusts safe access across systems and apps for employees. Rapac’s whole installation procedure, including system training and cyber supports, took only one day.”
Cyolo’s rivals include Okta, Citrix Workspace, Duo Security, Perimeter 81, Claroty, CyberArk, Connect Secure, and NetMotion in a zero-trust security industry expected to be valued at $59.43 billion by 2028. However, Apirion believes that Cyolo’s current investment round will allow it to build a stronger foothold by increasing its marketing and sales staff, notably in the United States and the United Kingdom.
As the world transitions to a more hybrid remote work culture, it is exposing itself to new data risks. “Achieving real zero trust architecture for enterprises and organizations involves turning at identity-based solutions like Cyolo that are flexible and can support the work-from-anywhere environment,” Apirion added.