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Elisity, the company behind Cognitive Trust, which provides identity and behavior-based enterprise security solutions, has raised $26M in Series A funding co-led by Two Bear Capital and AllegisCyber Capital. The proceeds shall help it achieve enterprise demand for its platform.
San Jose-based Elisity, which provides identity and behavior-based enterprise security, has announced the close of its Series A funding, where it raised $26 million from Two Bear Capital and AllegisCyber Capital. Previous investor Atlantic Bridge participated in the round.
In its press release, Elisity stated that the funding would help it achieve enterprise demand for its cloud-delivered cybersecurity platform, Cognitive Trust, which can analyze the unique identity and context of people, apps and devices, including IoT and OT. Using its AI-driven behavioral intelligence, it can understand, empower and dynamically adapt security from the edge to the cloud by interpreting behavior and assess risk to automatically optimize protection.
According to James Winebrenner, CEO of Elisity, there was a good opportunity to evolve the way enterprises connect and protect their people and assets, moving away from the strict network constructs.
“With Elisity, customers can dispense with the complexity, cost, and protracted timeline enterprises usually encounter,” Mr. Winebrenner said.
Mike Goguen, founder and managing partner at Two Bear Capital, expressed delight at the investment and stated that Chief Information Security Officers (CISOs) are facing increasing attack surfaces due to the shift to remote working, reliance on cloud-based services, and the convergence of IT/OT networks. He added that Elisity was addressing these challenges.
“Elisity addresses all of these problems by not only enacting a Zero Trust model but by doing so at the edge and within the behavioral context of each interaction.”
Spencer Tall, managing director of AllegisCyber Capital, opined that achieving a cybersecurity posture that understands both identity and behavior is traditionally difficult. He further added that Elisity’s Cognitive Trust approach coupled with an exceptional management team made it a very compelling and attractive opportunity for funding.