Tyk secures $35M investment to revolutionise software delivery for enterprises

Martin Buhr of Tyk

Tyk, a London-based global tech company, announced it has closed a $35M (€29.87M) growth equity funding round led by new investors Scottish Equity Partners (SEP), alongside existing investors MMC Ventures.

Tyk’s innovative API management solution helps to build mission-critical systems in highly regulated industries such as financial services, healthcare, and government. It is used by some of the large enterprises such as Societe Generale, Starbucks and Domino’s.

With businesses reinventing the way they work, software is now built across multiple clouds, locations, and teams. APIs are the backbone of this, and Tyk’s technology enables modern engineering teams to monitor, secure and manage all their organisation’s APIs in a single, functionally rich platform. 

The investment will accelerate development of Tyk’s independent, open-source API and service management platform. The company aims to double headcount within the next 12 months with plans to increase its UK team and expand its presence in the US to the West Coast, and open new offices in Germany, Australia, and New Zealand.

Martin Buhr, CEO and co-founder of Tyk, says, “APIs are everywhere. Ordered a pizza online? You can thank APIs for that. Just applied for a credit card? That’s APIs from start to finish. The modern enterprise is at its core an API company, and those that want to survive are expanding their API ecosystems rapidly. With that growth comes an increasing need to manage, monitor and secure that complexity. 

“At Tyk, we make that easy,” Buhr continues. “We’re a progressive, global, remote-first, open-source company that puts our customers at the heart of everything we do, while pushing the envelope with continued market-leading innovation. That makes us an ideal partner for enterprises that are transitioning into, or levelling-up their API game.”

“We received interest from a number of investors and are delighted to be partnering with SEP for the next stage of our growth,” says James Hirst, COO and co-founder of Tyk. “The funds will be used to continue disrupting the software industry by providing innovative solutions that empower our clients’ teams and put developers firmly in the driving seat when it comes to building and managing new products and services. Only a small number of enterprises have started their API management journey, and we know the sector has huge potential for growth and we’re excited for what the next few years will bring.”

Martin Brennan, director at SEP says, “Martin and James have built a world-class team and the addition of this new capital will enable Tyk to accelerate the growth of its API management platform, particularly around the GraphQL focused Universal Data Graph product that launched earlier this year. We are pleased to be supporting the team to achieve their global ambitions.” Keith Davidson, partner at SEP, joins the Tyk board as a non-executive director.

Since its founding in 2014, Tyk has grown to over 100 people, with offices in London, Singapore, and Atlanta. The remote-first organisation has employees based in over 26 countries across 6 continents and allows staff to work from wherever they want, when they want.

Tyk works with the latest technologies such as Kubernetes and solves legacy system integration problems through its innovative Universal Data Graph product. In 2019, the company raised a $5.5 million (€4.69 million) investment round led by MMC Ventures. The SEP investment was led by Keith Davidson, partner, Martin Brennan, director and Taylor Rampton, principal.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

Infineon and Rainforest Connection create real-time monitoring system to detect wildfires

Posted on: October 22, 2021

Munich and San Jose, California, 21 October, 2021 – Infineon Technologies AG a provider of semiconductors for mobility, energy efficiency and the IoT, announced a collaboration with Rainforest Connection (RFCx), a non-profit organisation that uses acoustic technology, Big Data and Artificial Intelligence / Machine Learning to save the rainforests and monitor biodiversity.

Read more

Infineon simplifies secure IoT device-to-cloud authentication with CIRRENT Cloud ID service

Posted on: October 21, 2021

Munich, Germany. 21 October 2021 – Infineon Technologies AG launched CIRRENT Cloud ID, a service that automates cloud certificate provisioning and IoT device-to-cloud authentication. The easy-to-use service extends the chain of trust and makes tasks easier and more secure from chip-to-cloud, while lowering companies’ total cost of ownership. Cloud ID is ideal for cloud-connected product companies

Read more