IT asset management company Axonius has raised $100 million in Series D funding, the company told SecurityWeek Sunday. Led by private equity firm Stripes, the latest funding round brings the total amount raised by the New York based company to $195 million at more than $1 billion valuation.
Axonius emerged from stealth mode in March 2018 with a platform that helps organizations identify and secure the devices on their network by leveraging existing security and management tools.
Axonius says the funds will be used to scale company growth globally and expand its flagship cybersecurity asset management platform.
The company says it doubled its staff during the Covid-19 pandemic and achieving triple-digit annual recurring revenue growth in 2020.
“At BVP, we always look to quantify and measure how quickly the world’s most innovative companies go from founding to $100 million in annual recurring revenue and eventual IPO,” said Amit Karp, partner at BVP and Axonius board member. “Axonius is among the fastest growing companies in BVP history, as it took the company less than 15 months to grow from $1 million ARR to $10 million ARR.”
“Despite a turbulent 2020, I am incredibly proud of what the Axonius team has been able to accomplish,” said Dean Sysman, CEO and co-founder at Axonius. “This new round of funding with the most successful investors in our industry highlights the incredible work our team has done so far, as well as our commitment to our customers. I often say that time is the enemy of cybersecurity, and the rate and pace of change mean that IT and security teams can no longer afford to spend time manually compiling data about devices, users, and cloud instances for things like incident response, audits, and compliance. We’re committed to solving a real problem to let our customers focus on what’s important.”
The Series D round also had participation from existing investors Bessemer Venture Partners (BVP), OpenView, Lightspeed, and Vertex.
Related: Axonius Uses Existing Tools to Find, Secure Devices