Nyotron Raises $21 Million Funding Round Appoints Former McAfee Executive Peter Stewart to Chief Executive Officer
Santa Clara, Calif. and Herzliya, Israel - Nyotron announced today that it has closed a new $21 million financing round led by US-based investors and including all existing investors. The financing was oversubscribed and positions the company to increase worldwide sales and marketing activities and expand its current offerings of Nyotron’s endpoint cyber security solution.
Nyotron also announced the appointment of Peter Stewart to chief executive officer. Stewart, who also is participating in this round, has held several executive positions at McAfee and is the former CEO of TraceSecurity. Nir Gaist, founder of Nyotron and creator of the flagship product PARANOID, will serve as chief technology officer, leading Nyotron's product roadmap.
Nyotron provides a new cyber defense technology for endpoints. Nyotron aims to stop attacks, whether known before or never before experienced, including ransomware, advanced persistent threats, and other malicious attacks. Nyotron is installed at a major US law enforcement agency, as well as El Al Airlines, and the Israeli military.
Recent cyberattacks, such as WannaCry and NotPetya, have demonstrated that the technologies deployed to protect the data of enterprises worldwide are failing to stop attacks. Not only have the attacks become more sophisticated, the sheer volume of attacks demands a new approach to endpoint solutions. Nyotron's PARANOID protection does not depend on the type of threat or the attack vector.
"Nyotron offers a completely different approach to protect enterprises from ‘unknown unknown’ attacks. This patented technology will drive our growth and continued customer traction," said Pete Stewart, CEO of Nyotron. "I am honored to serve in this role, and I look forward to working closely with Nir and the Board of Directors to establish Nyotron as the new standard for endpoint security."
"I am very happy to see Nyotron advance to this next phase of growth, and I am excited to work with Pete and Doug on our exciting future," said Nir Gaist, founder and CTO of Nyotron.
The financing was led by DGB Investments, the technology holding company owned by Douglas and Sandra Bergeron. Existing investors include Mitvah Shamir, Gil Agmon, and Shmuel Harlap, the largest private investor in Mobileye.