Axiad, a Santa Clara, CA-based identity-first enabler of the zero-trust enterprise, raised $25m in funding.
Invictus Growth Partners made the investment.
The company intends to use the funds to accelerate product development innovation, hire additional talent, bolster sales and marketing efforts, and aid in its journey to achieve Federal Risk and Authorization Management Program (FedRAMP®) Authority to Operate (ATO). The current round brings the company’s total capital raised to $45 million, which includes Invictus’s previous $20 million private equity investment in 2021.
Led by David Canellos, CEO, Axiad delivers identity-first authentication technologies that help organizations secure people, machines and applications. Customers in the federal government, finance and banking, healthcare, manufacturing and technology sectors optimize existing cybersecurity investments while navigating modern IT complexities like disparate identity and access (IAM) solutions, a mix of cloud, on-prem and hybrid infrastructures, and regulatory requirements like FedRAMP, CMMC and AAL3. The company’s flagship offering, Axiad Cloud, provides an advanced authentication toolset that allows organizations to manage authentication processes without replacing existing systems. Axiad Cloud combines multifactor authentication, cloud-based PKI and credential management utilizing x.509 certificates and FIDO passkeys, while supporting the widest range of credentials in the industry, including FIDO, mobile MFA, Windows Hello for Business, YubiKeys, smart cards, TPM and biometrics.
The funding news follows Axiad’s announcement last week that a federal agency has agreed to sponsor Axiad and its flagship product, Axiad Cloud, to finalize its progress through the FedRAMP process.
FinSMEs
30/07/2024