Portnox Secures $37.5 Million Series B Funding to Revolutionize Zero Trust Security with Unified Access Control

With cybersecurity threats proliferating, Portnox is empowering companies worldwide to go passwordless, with cloud-native security solutions that adapt to complexity at scale.

AUSTIN, TX – April 8, 2025 – 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.

About Portnox

Portnox offers cloud-native zero trust access control and cybersecurity essentials that enable agile, resource-constrained IT teams to proactively address today’s most pressing security challenges: the rapid expansion of enterprise networks, the proliferation of connected device types, the increased sophistication of cyberattacks, and the shift to zero trust. Nearly 1,000 mid-market and enterprise companies have leveraged Portnox’s award-winning security products to enforce powerful access, endpoint risk monitoring and remediation policies to strengthen their organizational security posture. By eliminating the need for any on-premises footprint common among traditional information security systems, Portnox allows companies – no matter their size, geo-distribution, or architecture – to deploy, scale, enforce and maintain these critical zero trust security policies with unprecedented ease. To learn more, visit www.portnox.com.

About Updata Partners

Updata Partners is a leading technology-focused growth equity firm in Washington D.C. with over $1.5 billion in committed capital. Led by an investment team averaging more than 25 years of technology experience, Updata invests in high-growth B2B software and software-driven businesses where the combination of capital and operating experience will help accelerate success. To learn more, visit https://www.updata.com.

About Elsewhere Partners

Elsewhere Partners, a tech-focused private equity firm, invests in growth-ready lower middle market software companies around the globe. Elsewhere’s team of experienced investors and software operators tailor growth plans for each unique portfolio company and offer complementary support across go-to-market, product, talent, finance, and strategy functions. Based in Austin, TX, Elsewhere has invested in 18 companies throughout North America, Europe and Israel since its inception in 2016. To learn more, visit https://elsewhere.partners.

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