Portnox has secured $37.5 million in Series B funding, led by Updata Partners. The new capital will help the company scale its cloud-native zero trust access control platform while simplifying security for resource-strapped IT teams. The round also brings Jon Seeber, General Partner at Updata, to the company’s Board of Directors.
The investment follows Portnox’s $22 million Series A in 2022, led by Elsewhere Partners, bringing the company’s total funding to $59.5 million.
The rise of hybrid work and growing threats have pushed companies to move away from traditional on-premises Network Access Control (NAC) solutions. Portnox’s platform responds to that shift with a fully cloud-native, unified access control solution designed for today’s perimeterless IT environments.
“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.
The new funds will be directed toward product development, go-to-market expansion, and customer enablement initiatives. Portnox aims to simplify the process of adopting enterprise-grade security for mid-sized and large organizations.
The company also plans to invest in making its platform more accessible to IT teams facing increasing risk and limited resources. The goal is to help more organizations move toward passwordless authentication and comprehensive compliance enforcement.
Portnox provides a unified access control platform that includes passwordless authentication, risk mitigation, and compliance enforcement for networks, apps, and infrastructure. Its solution, Portnox Cloud, is 100% cloud-native and supports distributed teams with minimal operational burden.
Portnox reports nearly 1,000 customers worldwide, a 95% retention rate, and a 4.6-star rating on Gartner Peer Insights. Its product has been recognized by SC Media, Cyber Defense Magazine, Cybersecurity Breakthrough Awards, and SC Awards Europe.
Lead investor Updata Partners brings deep experience in B2B software growth. General Partner Jon Seeber, who joins the Portnox board, previously led investments and M&A efforts at IBM Global Services. Updata has invested in more than 75 software companies and seen over 55 exits.
Previous investor Elsewhere Partners, who led the Series A round, specializes in growth-stage software companies with global potential.
