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
- Comcast Wants a Slice of the Enterprise Cybersecurity Business
- VMware Confirms Exploit Code Released for Critical vRealize Logging Vulnerabilities
- Gem Security Gets $11 Million Seed Investment for Cloud Incident Response Platform
- Ransomware Leads to Nantucket Public Schools Shutdown
- Sentra Raises $30 Million for DSPM Technology
- Saviynt Raises $205M; Founder Rejoins as CEO
- OpenVEX Spec Adds Clarity to Supply Chain Vulnerability Warnings
- Tenable Launches $25 Million Early-Stage Venture Fund
Latest News
- Comcast Wants a Slice of the Enterprise Cybersecurity Business
- Critical Baicells Device Vulnerability Can Expose Telecoms Networks to Snooping
- New York Attorney General Fines Vendor for Illegally Promoting Spyware
- SecurityWeek Analysis: Over 450 Cybersecurity M&A Deals Announced in 2022
- 20 Million Users Impacted by Data Breach at Instant Checkmate, TruthFinder
- Cyber Insights 2023 | Zero Trust and Identity and Access Management
- Cyber Insights 2023 | The Coming of Web3
- European Police Arrest 42 After Cracking Covert App
