Portnox, a leading provider of cloud-native, zero-trust access control solutions, announced it has closed a $37.5 million Series B funding round, enabling the company to accelerate product innovation, expand market reach, and further empower resource-constrained security teams with accessible, enterprise-grade zero trust security.
This investment round was led by Updata Partners. This investment builds upon Portnox’s $22 million Series A round of funding led by Elsewhere Partners in 2022, bringing the total investment in the company to $59.5 million.
According to the company, Portnox delivers the critical visibility and control enterprises need to secure access for every device and user across their IT eco-system, ensuring airtight access control in an increasingly perimeterless, high-risk world.
“Companies are replacing on-premises Network Access Control (NAC) with cloud-native zero trust solutions, which we estimate to be a multi-billion-dollar market. I’m proud that Portnox is leading the charge with a best-of-breed Unified Access Control (UAC) platform,” said Denny LeCompte, CEO of Portnox.
Jon Seeber, General Partner and co-manager of Updata Partners, has joined the Portnox Board of Directors. Updata focuses its investments on B2B software and technology-driven businesses and has invested in over 75 software businesses and completed over 55 exits. Seeber has been a member of Updata’s investment team since 2006.
“We see a massive opportunity in the shift to cloud-native security, and Portnox stands out with a uniquely unified approach to access control that’s both powerful and easy to adopt. The company’s leadership team has a deep understanding of the market and a clear track record of execution,” said Seeber.
Portnox delivers a unified access control platform—the Portnox Cloud—that brings together passwordless authentication, authorization, risk mitigation, and compliance enforcement for enterprise networks, applications, and infrastructure.
Purpose-built for distributed organizations with complex IT environments, Portnox Cloud is 100% cloud-native and offers unparalleled ease of use coupled with the robust security capabilities needed to protect against increasingly sophisticated attacks.
For more information about this news, visit www.portnox.com.