Israeli early-stage startup Akeyless has banked a whopping $65 million in venture capital funding to build technology to help businesses manage credentials, certificates, keys and other secrets flowing through multi-cloud environments.
The $65 million Series B investment brings the total raised by Akeyless to $80 million and provides runway for the company’s ambitious plans in the secrets management space.
Akeyless said the new financing round was led by NGP Capital. Early backers Team8 Capital and Jerusalem Venture Partners (JVP) also invested.
Based in Tel Aviv, Akeyless markets a Secrets Orchestration Platform that promises to unify multiple related use cases via a single product. The company’s technology offers secrets management, zero-trust access (PAM 2.0) and data protection (encryption, signing and KMS).
The company and its investors are betting on the growth of multi-cloud deployments and modern DevOps processes driving a massive need for tools to help businesses manage their most sensitive secrets (e.g. credentials, certificates, and keys).
[ READ: ‘Secrets Sprawl’ Haunts Software Supply Chain Security ]
“Existing secrets management solutions don’t meet the current needs of enterprises,” Akeyless chief executive Oded Hareven said in statement announcing the new funding
“Organizations are looking for an alternative to open source secret vaults — that are 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,” Hareven added.
He said Akeyless product can be used to centralize the management and security of secrets across multi-cloud and DevOps environments.
Secrets sprawl has emerged as a glaring weakness in the software supply chain with valuable corporate secrets — API keys, usernames and passwords, and security certificates — regularly exposed in public corporate repositories.
The compromise of leaked secrets has been at the center of multiple supply-chain security compromises and there’s public data showing that a typical company with 400 developers would discover about 1,050 unique secrets leaking throughout its repositories and commits.
Related: ‘Secrets Sprawl’ Haunts Software Supply Chain Security
Related: Thousands of Secret Keys Found in Leaked Samsung Source Code
Related: Codecov Bash Uploader Dev Tool Compromised in Supply Chain
Related: OpenSSF Alpha-Omega Project Tackles Supply Chain Security
Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.
More from Ryan Naraine
- Anti-Bot Software Firm DataDome Banks $42M Financing
- Malware Hunters Spot Supply Chain Attack Hitting 3CX Desktop App
- LeapXpert Banks $22M Funding to Secure Corporate Messaging With Consumer Apps
- Spera Banks $10 Million to Tackle Identity and Access Sprawl
- Mandiant Catches Another North Korean Gov Hacker Group
- Microsoft Puts ChatGPT to Work on Automating Cybersecurity
- Microsoft: No-Interaction Outlook Zero Day Exploited Since Last April
- Tesla Hacked Twice at Pwn2Own Exploit Contest
Latest News
- Anti-Bot Software Firm DataDome Banks $42M Financing
- Unpatched Security Flaws Expose Water Pump Controllers to Remote Hacker Attacks
- 500k Impacted by Data Breach at Debt Buyer NCB
- Chinese Cyberspies Use ‘Melofee’ Linux Malware for Stealthy Attacks
- Why Endpoint Resilience Matters
- Microsoft Cloud Vulnerability Led to Bing Search Hijacking, Exposure of Office 365 Data
- 3CX Confirms Supply Chain Attack as Researchers Uncover Mac Component
- UK Introduces Mass Surveillance With Online Safety Bill
