Network Security Firm Portnox Raises $22 Million in Series A Funding
Cloud-native network and endpoint security solutions provider Portnox on Thursday announced raising $22 million in a Series A funding round.
The investment, which will help the company expand, was led by Elsewhere Partners, whose operating advisor, Denny LeCompte, was recently appointed CEO of Portnox. LeCompte previously helped scale firms such as AlienVault, SolarWinds and NetIQ.
Co-founder Ofer Amitai, who served as CEO since 2015, has transitioned to the role of CTO and joined the newly formed board of directors. Co-founder Idan Kuperman will continue in his role as head of customer experience.
The company has established a new global headquarters in Austin, Texas, and says it plans on focusing its expansion on mid-market organizations. Portnox was founded in 2007 in Israel and it continues having an office in the country.
Portnox offers a network access control (NAC) platform that provides authentication, risk mitigation and compliance enforcement capabilities. The company says its product is used by hundreds of companies.
“After launching the cloud-native version of our comprehensive NAC platform, we experienced overwhelming demand from the mid-market as resource-strapped organizations struggle to keep pace with the security demands of devices in the era of IoT, BYOD, and an increasingly distributed, mobile-reliant workforce,” said Amitai.
“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,” he added.