Portnox, a provider of cloud-native, zero-trust access control solutions, today announced it has closed a $37.5 million Series B funding round, led by Updata Partners. This brings the total investment in the company to $59.5 million.
The funding will be used to accelerate product innovation, expand market reach, and further empower resource-constrained security teams with accessible, enterprise-grade zero-trust security. Portnox delivers the critical visibility and control enterprises need to secure access for every device and user across their IT ecosystem, ensuring airtight access control in an increasingly perimeter-less, high-risk world.
Jon Seeber, General Partner and co-manager of Updata Partners, has joined the Portnox Board of Directors. Before joining Updata, Seeber worked on the Business Development team inside IBM Global Services, managing acquisitions, divestitures, investments, and partnerships for IBM’s largest business unit.
Portnox provides 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. Created for distributed organizations with complex IT environments, Portnox Cloud is 100% cloud-native. It offers ease of use and the robust security capabilities needed to protect against increasingly sophisticated attacks.
Portnox’s focus on improving security and providing access control solutions has resonated strongly with the market, as evidenced by its nearly 1,000 global customers and a 95% customer retention rate.
KEY QUOTES:
“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
“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.”
- Jon Seeber
