Axonius, the cybersecurity asset management company, announced it has raised $100 million in Series D funding,
led by Stripes, a leading New York-based growth equity firm, as well as
participation from existing investors Bessemer Venture Partners (BVP),
OpenView, Lightspeed, and Vertex. Ken Fox, founder and partner at
Stripes, will join the Axonius board of directors. This latest round
follows a 2020 investment of $58 million, increasing total funding to
$195 million at a greater than $1 billion valuation.
"It's
always exciting to invest in fast-growing, innovative,
category-creating companies, but what Axonius has accomplished in such a
short time is remarkable," said Fox. "With its commitment to solving a
fundamental challenge with a simple, powerful platform that collects and
correlates data from hundreds of products its customers already use,
Axonius has built one of the most beloved products in security. We look
forward to partnering with the Axonius team as they continue to invest
in technical innovation and grow to meet global demand in 2021 and
beyond."
Axonius will use the new funding to scale company growth globally and expand its cybersecurity asset management platform to
meet surging market demand while maintaining its commitment to product
simplicity and customer value. After doubling its staff during the
pandemic and achieving triple-digit annual recurring revenue growth in
2020, Axonius continues its rapid-growth trajectory.
"At
BVP, we always look to quantify and measure how quickly the world's
most innovative companies go from founding to $100 million in annual
recurring revenue and eventual IPO," said Amit Karp, partner at BVP and
Axonius board member. "Axonius is among the fastest growing companies in
BVP history, as it took the company less than 15 months to grow from $1
million ARR to $10 million ARR."
Customer
demand for cybersecurity asset management and the immediate value the
platform delivers to customers are major forces driving the company's
growth. By integrating with more than 300 security and management
solutions, Axonius is deployed in minutes to give customers a credible,
always up-to-date, and comprehensive asset inventory to discover
security gaps, and automatically validate and enforce security policies.
"We
have found Axonius invaluable in helping us tie together and tap into
our existing sources of asset inventory data within our environment and
helping us to paint a more clear and complete picture of our
environment," said Nick McNulty, director of vulnerability management,
ETS Shared Security Services at John Hancock, a division of Manulife
Financial Corporation. "As a security organization, the automation that
Axonius applies to this problem for us - freeing up precious human
resources in the process - has been a literal force multiplier."
"Despite
a turbulent 2020, I am incredibly proud of what the Axonius team has
been able to accomplish," said Dean Sysman, CEO and co-founder at
Axonius. "This new round of funding with the most successful investors
in our industry highlights the incredible work our team has done so far,
as well as our commitment to our customers. I often say that time is
the enemy of cybersecurity, and the rate and pace of change mean that IT
and security teams can no longer afford to spend time manually
compiling data about devices, users, and cloud instances for things like
incident response, audits, and compliance. We're committed to solving a
real problem to let our customers focus on what's important."