New York City-based Axonius, a cybersecurity asset management company, has secured $58 million in Series C funding. Lightspeed Venture Partners led the round with participation from return backers OpenView, Bessemer Venture Partners, YL Ventures, Vertex and WTI.
NEW YORK, NY — March 31, 2020 – Axonius, the cybersecurity asset management company, today announced it has raised $58 million in Series C funding, led by Lightspeed Venture Partners with participation from existing investors OpenView, Bessemer Venture Partners, YL Ventures, Vertex, and WTI. To date, Axonius has raised $95 million. This new round cements the company’s leadership position during a time of exponential growth when over 85% of organizations plan to increase their investment in asset management1.
Axonius will use the new funding to scale company growth and expand its cybersecurity asset management platform offerings to meet surging market demand. Citing a more than 910% increase in year over year customer growth while doubling its team, the funding will enable Axonius to grow quickly while maintaining its commitment to product simplicity and customer value.
“It’s easy to say that Axonius is one of the fastest growing cybersecurity companies ever, and that our goal is to go public as an independent cybersecurity asset management platform,” said Dean Sysman, CEO and Co-Founder at Axonius. “But I hope that this new funding round with the most proven investors in our industry serves to send a bold message to our customers and the market. Axonius has enjoyed exponential growth by solving a real problem, taking away manual work, and letting security and IT teams focus on what’s important. We’re here to stay, and to build a formidable company.”
By integrating with over 200 security and management solutions, Axonius is deployed in minutes to give customers a credible, comprehensive asset inventory, discovers security solution coverage gaps, and automatically validates and enforces security policies.
A recent study by Enterprise Strategy Group commissioned by Axonius found that IT complexity is on the rise, citing trends like public cloud adoption, a massive increase in end-user devices, and the coming IoT explosion. The study, 2020 Asset Management Trends: As IT Complexity Increases, Visibility Plummets, found that organizations already have too many tools but still report gaps in what they can see vs. what they want to see, leading to security incidents directly related to visibility gaps.
“Even with a myriad of tools at their disposal, IT and security teams are struggling to gain clear visibility into their asset landscape. This lack of visibility creates a security problem that companies of all sizes and industries are facing,” said Dave Gruber, senior analyst, Enterprise Strategy Group. “The rapid expansion of new device types, together with the move to cloud-delivered workloads, has made it extremely difficult to assess risk across an enterprise. This latest funding round for Axonius is good news, as it enables the continued simplification and aggregation of IT asset discovery and visibility, a core building block that both IT and security teams need to protect and manage their rapidly expanding attack surfaces.”
“Any enterprise CISO’s top priority, with unwavering consistency, is asset discovery and management. You can’t protect a device if you don’t know it exists.” said Arsham Menarzadeh, general partner at Lightspeed Venture Partners. “Axonius integrates into any security and management product to show customers their full asset landscape and automate policy enforcement. Their integrated approach and remediation capabilities position them to become the operating system and single source of truth for security and IT teams. We’re excited to play a part in helping them scale.”
Axonius is the cybersecurity asset management platform that gives organizations a comprehensive asset inventory, uncovers security solution coverage gaps, and automatically validates and enforces security policies. By seamlessly integrating with over 200 security and management solutions, Axonius is deployed in minutes, improving cyber hygiene immediately. Covering millions of devices at customers like the New York Times, Schneider Electric, Landmark Health, AppsFlyer, and many more, Axonius was named the Most Innovative Startup of 2019 at the prestigious RSAC Innovation Sandbox and was named to the CNBC Upstart 100 list and Forbes 20 Rising Stars. For more, visit Axonius.com.
Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 400 companies globally, including Snap, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, StitchFix, and GrubHub. Lightspeed and its affiliates currently manage $7.9B across the global Lightspeed platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, and Europe. www.lsvp.com