Cybersecurity firm Portnox snaps up $22m Series A

Endpoint security solution provider Portnox has bagged $22m from a Series A round of growth financing.

The funding round was led by capital market firm Elsewhere Partners and will help the company expand.

Founded in 2007, Portnox has developed a cloud-native NAC platform that enables users to quickly implement powerful network access control as well as endpoint risk posture assessment and remediation policies that can enforced automatically across various sites.

According to Portnox, it plans to use the funding to substantially expand its team and speed global market penetration with a focus on mid-market organisations after establishing its new global headquarters in Austin, Texas. The firm noted the primary focus for the North American expansion will be building out the operations, marketing, sales and customer success teams.

Portnox CEO Denny LeCompte said, “While the risks and costs associated with network breaches proliferate each year, traditional solutions do not account for the needs of mid-size companies, especially as staffing shortages, skillset gaps and budget constraints continue in today’s volatile market.

“The founders and their exceptional team built the only cloud-native NAC solution that can effectively meet the needs of mid-market organisations by scaling to support increasingly distributed workforces, diverse device types, and sophisticated cyberattacks without overcomplicating IT infrastructures and burdening security teams. I look forward to leading the company through its imminent high-growth phase as it delivers today’s network security essentials – authentication and access control, continuous endpoint risk posture assessment and compliance enforcement.”

Portnox co-founder and CTO Ofer Amitai added, “After launching the cloud-native version of our comprehensive NAC platform, we experienced overwhelming demand from the mid-market as resource-strapped organisations struggle to keep pace with the security demands of devices in the era of IoT, BYOD, and an increasingly distributed, mobile-reliant workforce.

“We believe that with Elsewhere Partners’ support and the executive leadership of CEO Denny LeCompte, Portnox will be able to meet mounting demand for cloud-native NAC, while continuing to deliver the exceptional experience our customers have come to expect from our product and team.”

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