Unbound Tech, the cryptographic infrastructure provider, has raised $20 million in Series B funding, bringing its total funding to $40 million.

The latest funding round is led by Evolution Equity Partners. It joins existing investors Innovation Endeavors, Goldman Sachs, Citi and BlueRed Partners.

Following the Series B funding round, Unbound Tech will focus on growing its business in the enterprise sector. To support this mission, the company plans to increase its headcount an additional 30% by the end of next year’s first quarter.

The company has offices in New York and Israel.

Yehuda Lindell is Unbound Tech’s co-founder and CEO. He said the funding will benefit his company’s partners.

Unbound’s Yehuda Lindell

“This will support new alliances headcount, a new partner portal, enhanced program and the recruitment of new partners to ensure that 40% of revenue comes from the channel by 2022,” he said.

Unbound Tech launched its first partner program in September. It’s for MSPs, SIs, resellers and technology partners.

New Partner Opportunities

Partners are looking for new and innovative ways to secure new business revenue within security, Lindell said.

“The funding will allow us to support them and their growth with tools, offers and promotions that all help to improve retention and new enterprise customer acquisition,” he said.

It will arm partners with win use cases, enablement and infrastructure, Lindell said. That will ensure they lead with proven, trusted security that supports all aspects of cryptographic key management.

Partners have been “extremely receptive” since Unbound Tech launched its partner program, Lindell said.

“With Unbound, they can now enhance their portfolio with a single-pane-of-glass cryptographic platform that can be utilized for multiple use cases,” he said. “This allows for greater long-term attach for partners and their clients via our one-of-a-kind platform.”

Evolution Equity Partners is an international venture capital investor.

“Unbound Tech has been a great success story so far, pioneering invaluable security and privacy solutions through innovative cryptographic methods,” said J.R. Smith, a partner at Evolution Equity Partners. “We are excited to help the company continue to scale globally.”