New York, U.S.A and Ramat Gan, Israel-based provider of a SaaS-based Secrets Management Platform for securing DevOps and IT workloads, Akeyless Security, raised USD 65 million in Series B. The round took place on November 16, 2022. NGP Capital led the financing for the firm. Meanwhile, existing investors Team8 Capital and Jerusalem Venture Partners (JVP) joined in the funding. Besides, Mike Christenson, the former COO & President of New Relic and CA Technologies, has joined as an investor and board member.
Purpose of financing for Akeyless Security
With the recent financing, Akeyless Security intends to double the size of its global team.
In addition, it has plans to expand and enhance its platform.
What the company’s official has to say
Oded Hareven, CEO and co-founder of Akeyless, said, “Existing secrets management solutions don’t meet the current needs of enterprises. Organizations are looking for an alternative to open-source secret vaults — that is far from free when you consider the extensive maintenance requirements — and commercial solutions with high licensing costs that are difficult to deploy and use. Secret management should reduce the attack surface, but existing solutions only increase it by creating additional infrastructure for teams to secure and maintain.”
He further added, “Akeyless solves the pain caused by secrets proliferation in production environments of modern enterprises, which has worsened with the rise in adoption of modern DevOps methodologies, containerized application development, and increasingly global and remote operations. We are proud to be trusted by Fortune 50 companies as well as mid-to-large enterprises and to provide them with a low total cost of ownership for their secrets management coupled with high adoption among teams.”
In addition, Shai Onn, Chairman, President and co-founder of Akeyless, said, “With limited security expertise, staff, and budgets, companies were forced to choose between impossibly expensive and labour-intensive solutions or compromising on security. With this latest funding, we will further enable mid-to-large enterprises to operate safely in cloud environments in the midst of an increasingly sophisticated and aggressive cyber landscape.”
What the investors have to add
Christian Noske, Partner at NGP Capital, said, “Akeyless is poised to dominate the immense and hugely underserved Secrets Management market. We believe that their growth will continue at an exponential rate. We are excited to partner with Akeyless’s team and participate in their journey to make Akeyless Vault the platform of choice for growing businesses across industries.”
Besides, Liran Grinberg, Co-Founder and Managing Partner at Team8, said, “Customers worldwide are ripping and replacing legacy secrets management systems with Akeyless’ secure cloud-based vault platform. Akeyless is redefining secrets management, empowering customers with seamless migration, streamlined operations, superior security, and significantly reduced TCO (total cost of ownership). We’re proud to be backing the world’s leading and fastest-growing Secrets-Management-as-a-Service platform.”
Besides, Yoav Tzruya, General Partner, JVP, said, “At JVP, we’ve been strong believers in the Akeyless vision since day one. The company solves, once and for all, the critical challenge of secrets management in enterprise environments, and it is clear the company will continue to grow dramatically. Akeyless provides the required next step in secret management platforms, protecting hundreds of millions of secrets for Fortune 500 customers across industries. Customers enjoy an innovative, highly secure, 24×7, zero-trust, secrets management-as-a-service, offering unprecedented security, availability, performance and cost advantages, allowing CISOs and CIOs peace of mind, protecting their IT Infrastructure machine Identities.”
He further added, “At JVP, it is clear Akeyless is providing the next step in the category and is the next category leader, after companies such as CyberArk, which we helped lead, to become a $6bn company. We are delighted to welcome NGP Capital to the team as we work together to make Akeyless the category leader in the large secret management market.”
About the company
Shai Onn, Rafael Angel, and Oded Hareven founded the company in 2019. Akeyless is a cybersecurity company serving enterprises. F500 customers and cybersecurity influencers, as the leading solution for secret management in DevOps and cloud environments, acknowledge Akeyless Security.
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