Cloud Security Firm Portnox Closes $37.5M Series B

Ofer Amitai, Portnox Co-Founder & CEO

Portnox, a leading provider of cloud-native, zero trust access control solutions, today announced it has closed a $37.5 million Series B funding round. This investment, led by Updata Partners, 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 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. 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.

“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.

Portnox’s focus on simplifying security and delivering best-of-breed access control solutions has resonated strongly with the market, as evidenced by its nearly 1,000 global customers, 95% customer retention rate, and 4.6-star rating on Gartner Peer Insights. Over the past year, Portnox has received numerous industry accolades, including recognition from SC Media, Cyber Defense Magazine, Cybersecurity Breakthrough Awards, and SC Awards Europe.

The investment by Updata Partners 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.

---

Send us your press releases to shareyournews@lucidityinsights.com