Portnox raises $22M to deploy cloud-native network security for midsize businesses
Portnox announced the closing of a $22 million Series A growth funding round led by Elsewhere Partners.
Under the leadership of recently appointed CEO Denny LeCompte, an accomplished technology veteran and operational advisor to Elsewhere Partners, Portnox plans to use the capital to significantly expand its team and accelerate global market penetration with a focus on middle market organizations after establishing its new global headquarters in Austin, Texas. The main focus of the North American expansion will be to strengthen the operations, sales, marketing and customer success teams.
“By listening to its customers and building on the early success of its on-premises solutions, Portnox anticipated the market need for an end-to-end cloud offering while other NAC players threw their weight behind on-premises solutions that can’t meet the needs of the middle market or ignore calls for more comprehensive cloud solutions,” said John Thornton, co-founder and partner of Elsewhere Partners. “We are on the cusp of the next era of cybersecurity, with the promise of a relentless barrage of more sophisticated threats across a more diverse landscape of devices and “desktops” than ever before. Bringing award-winning NAC solutions to organizations of all sizes, there is a vast market potential for Portnox as it explores untapped markets and expands into new geographies.
Recognized by industry luminaries as delivering NAC, including the RSA 2021 Global InfoSec Awards, Portnox solutions have helped nearly 1,000 organizations around the world navigate the ever-changing landscape of regulatory compliance and security. cybersecurity. Its coveted cloud-native NAC platform allows users to implement network access control, as well as endpoint risk posture assessment and remediation policies that can be automatically applied across multiple sites.
As cloud-native software as a service (SaaS), Portnox eliminates the need for tedious system maintenance, such as patches and upgrades. With SOC 2 Type 2 certification, Portnox CLEAR offers out-of-the-box integrations with common network hardware and critical security tools (e.g. Active Directory, MFA, MDM, SIEM), and works seamlessly with the most antivirus and firewall vendors. .
“Our team was looking for a quick-to-deploy, easy-to-manage NAC solution delivered from the cloud. Most on-premises NAC solutions are complex and require dedicated engineers to operate and maintain, which is untenable for resource-constrained IT departments whose staff assume a wide range of technical responsibilities at all times,” added Marcelo Lew, Chief Information Security Officer at University of Denver. “Portnox’s powerful yet easy-to-use cloud-native NAC solution provides essential access control and endpoint security functionality. It was a breeze to deploy unlike legacy systems. As a SaaS product, we can scale the service seamlessly as our infrastructure and operational needs evolve. This changes things. Check out more customer use cases here.
Co-founder Ofer Amitai transitioned to the role of CTO and joined the newly formed board of directors. Amitai will lead and develop Portnox’s international engineering and product teams based in Israel. Co-founder Idan Kuperman will continue his long-standing role as head of customer experience for Portnox.
“After the launch of the cloud-native version of our comprehensive NAC platform, we have seen overwhelming demand from the middle market as resource-strapped organizations struggle to keep pace with device security requirements. in the era of IoT, BYOD and an increasingly distributed environment, a mobile workforce,” said Amitai. “We believe that with the support of Elsewhere Partners and the under the executive leadership of CEO Denny LeCompte, Portnox will be able to meet the growing demand for cloud-native NAC, while continuing to deliver the exceptional experience our customers have come to expect from our product and our team. .”
Prior to assuming his new role as CEO of Portnox, LeCompte helped scale companies such as AlienVault, NetIQ and SolarWinds into leadership roles. LeCompte will leverage its extensive experience in product strategy for mid-market infrastructure and cybersecurity software solutions while evolving products and building teams to accelerate their growth in the market.
Additionally, LeCompte will focus on optimizing Portnox’s operations to facilitate its global expansion, while supporting the product team’s efforts to build cloud-native versions of other complex on-premises network security tools in the years to come. to come.
“As the risks and costs associated with network breaches proliferate each year, traditional solutions fail to take into account the needs of midsize businesses, especially as staffing shortages, skills gaps and Budget constraints persist in today’s volatile market,” noted LeCompte. “The founders and their outstanding team have built the only cloud-native NAC solution that can effectively meet the needs of midsize businesses by scaling to support increasingly distributed workforces, diverse device types, and sophisticated cyberattacks. without over-complicating IT infrastructures and overburdening security teams. I look forward to leading the company through its impending high growth phase as it provides the essentials of today’s network security: authentication and access control, continuous endpoint risk posture assessment, and compliance enforcement.
John Thornton and Nick Stoffregen of Elsewhere Partners will also join the board alongside Idera Inc. CEO Randy Jacops to support the company’s accelerated market expansion and recruiting efforts.