Axonius 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.”