Israeli security firm Dyadic Security raises $12 million in Series B

Israeli security company Dyadic Security has announced a Series B round of $12 million from Goldman Sachs Principal Strategic Investments, Citi Ventures, and Innovation Endeavors.

Innovation Endeavors’ Yuval Shachar has joined Dyadic’s board of directors as chairman.

Dyadic provides software-defined cryptography (SDC) and key management solutions for the enterprise.

“Dyadic has changed the game for financial institutions and enterprise companies in how they protect sensitive data assets,” said Dyadic CEO Avner Mor. “Based on decades of research in Multiparty Computation (MPC), our MPC-based technology helps our customers overcome the tremendous security and compliance challenges they face as they make the transition to a cloud-based infrastructure.”

“As enterprises across industries continue to adopt cloud-based solutions, we believe that SDC will create new opportunities to build and evolve in more secure and scalable ways that hardware security modules have limited us from achieving,” commented David LaBianca, managing director and chief security architect at Goldman Sachs.

The company will invest the money in expanding its North American sales and marketing teams. It declined to comment on how many customers it currently has.

Dyadic has previously received funding from the EU’s Horizon 2020.