Blue Bell-based Myota has raised $3.65 million in a financing round led by PACA Ventures, writes Kennedy Rose for the Philadelphia Business Journal.

The cybersecurity startup is planning to use the funds to boost its growth and “expand the market impact” of its software-as-a-service cybersecurity product, according to Steve Wray, CEO of Myota.

PACA Ventures is headed by local private equity magnate Ira Lubert as managing partner. Lubert is also head of private equity firm LLR Partners and has been involved in several local startups, including Houwzer and Wayne-based Evolve IP.

Additionally, he is on the Myota board, according to U.S. Securities and Exchange Commission filings.

Myota’s cloud-based SaaS product prevents enterprise data from being lost through various security protocols covering things such as ransomware, data breaches, and other cybersecurity breaches. The product uses a “shred and spread” method that ensures that data cannot be read or used by cyber attacks.

Myota was quietly founded in 2017 and emerged the following year after it managed to raise $2.1 million from investors.

Following its seed round, the startup has now finalized a commercialized version of its B2B cybersecurity platform.

Read more about Myota in the Philadelphia Business Journal.