Axonius, an IT asset management firm, revealed on Sunday that it had raised $100 million in Series D funding. Stripes, a private equity group, led the new investment round, which takes the company’s overall funding to $195 million at a valuation of more than $1 billion.
Axonius emerged from stealth mode in March 2018 with a framework that uses existing protection and management tools to help companies identify and protect the devices on their network.
The platform currently integrates with over 300 security and management systems and can be implemented in minutes to provide customers with asset inventory, security vulnerabilities, and automated confirmation and compliance of security policies.
The funds will be used to scale the company’s global expansion and broaden its flagship cybersecurity asset management programme, according to Axonius.
During the Covid-19 pandemic, the organisation says it doubled its workforce and expects triple-digit annual recurring sales growth in 2020.
“At BVP, we always look to calculate and evaluate how quickly the world’s most creative companies go from founding to $100 million in annual recurring sales and eventual IPO,” said Amit Karp, a BVP partner and member of the Axonius board of directors. “Axonius is one of the fastest-growing companies in BVP history, having risen from $1 million ARR to $10 million ARR in less than 15 months.”
Despite a tumultuous 2020, Dean Sysman, CEO and co-founder of Axonius, said, “I am immensely proud of what the Axonius team has been able to accomplish.” “This new round of funding with some of our industry’s most influential investors exemplifies the excellent work our team has done so far, as well as our loyalty to our customers. Time is the enemy of cybersecurity, and the rate and speed of change means that IT and security teams can no longer afford to waste time manually collecting data about devices, users, and cloud instances for incident response, audits, and enforcement. We’re dedicated to addressing a specific issue so our customers can concentrate on what matters.”
Current investors Bessemer Venture Partners (BVP), OpenView, Lightspeed, and Vertex also participated in the Series D round.