Dyadic Security, a New York, NY- and Petach Tikva, Israel-based provider of Software-Defined Cryptography (SDC) platform, completed a $12m Series B funding.
The round was led by Goldman Sachs Principal Strategic Investments, Citi Ventures and Eric Schmidt’s Innovation Endeavors.
The company intends to use the funds to expand its sales and marketing operations in North America. As part of the investment, Innovation Endeavors’ Yuval Shachar joined as Chairman of the Dyadic Board of Directors.
Led by Avner Mor, CEO and Co-founder, Dyadic provides enterprise customers and financial institutions with both security and usability solutions to manage their cryptographic keys. Dyadic vHSM (virtual Hardware Security Module) enables enterprises to shift away from their reliance on dedicated secure hardware such as Hardware Security Modules (HSM), smartcards and hardware tokens, which are physical devices in which digital keys are stored, to virtual modules that allow them to securely store, manage and use their cryptographic keys on any platform, from servers and laptops to smartphones and IoT devices – on premises or in the cloud.
Today, Dyadic’s products are deployed around the world in several leading Fortune 500 companies.