Cybersecurity tech startup Axonius raises $200M to accelerate global expansion; now valued at $2.6 billion
Time does fly! We can’t believe it’s been three years since we last wrote about Axonius, a cybersecurity asset management platform that lets IT and Security teams see devices for what they are to manage and secure all their assets. We covered Axonius a little over three years ago after the New York-based cybersecurity tech startup raised $13 million to secure connected devices for businesses and accelerate customer growth. A lot has changed since then.
Today, Axonius announced it has closed $200 million in Series E funding to accelerate global expansion and scale the delivery of its cybersecurity asset management and SaaS management solutions. This investment follows a 2021 round of $100 million, increasing total funding to $395 million, with a valuation of $2.6 billion, making Axonius a member of the highly coveted unicorn club.
The round was led by Accel, with participation from new investors Silver Lake Waterman, Alta Park Capital, and Owl Rock, a division of Blue Owl, and existing investors Bessemer Venture Partners, Lightspeed Venture Partners, Alkeon, Stripes, ICONIQ, and DTCP.
Founded in 2017 by Avidor Bartov, Dean Sysman, and Ofri Shur, Axonius is the Cyber Security Asset Management (CSAM) and SaaS management platform that lets IT and Security teams see devices for what they are in order to manage and secure all. By easily integrating with customers’ existing management and security technologies and using an extensible plugin infrastructure to add custom logic, customers are able to get a unified view of all devices – both known and unknown.
“Axonius has transformed the way companies manage and secure their assets, solving foundational problems for teams struggling to control complexity,” said Matt Weigand, partner at Accel. “Axonius has achieved tremendous growth in such a short time, and we believe that their deep understanding of IT and security challenges have positioned them to be the system of record for all infrastructure.”
Axonius exploded onto the scene in 2017 with a simple, effective approach to solving a decades-old problem of asset visibility and security in complex IT environments. Providing immediate value recognized by a rapidly growing customer base, the company quickly became one of the industry’s fastest-growing. Continuing its rapid-growth trajectory, Axonius closed 2021 with a significant 132% year-over-year increase in annual recurring revenue, marking its third consecutive year of triple-digit revenue growth. It also expanded its team by 174%, and it now has representation in every region worldwide.
In 2021, Axonius nearly doubled its customer base. Hundreds of companies from around the world choose Axonius to help them control complexity within their environments. The company counts Fortune 500, Global 500, some of the largest federal agencies, and emerging innovators among its customer base, including many global leaders, such as AB InBev, Schneider Electric, The New York Times, Wacom, MindBody, and Landmark Health.
“Accel’s history of investing in companies that are redefining markets aligns perfectly with our goals and commitment to innovation,” said Dean Sysman, co-founder and CEO, Axonius. “From the beginning, our goal has been to help our customers control complexity across their organizations. Our massive success since 2017 is a direct result of our intense focus on meeting their needs, and it’s why we hold the highest NPS score in the cybersecurity industry. I’m honored to lead our incredible team as we continue working to solve core issues for modern businesses.”
Funding will support continued efforts in scaling to meet global customer demand. Axonius was a pioneer in the emerging category of Cyber Asset Attack Surface Management, which Gartner identified in its Hype Cycle for Network Security as on the rise with growing market penetration. And recently, the company’s innovation unit, AxoniusX, launched SaaS Management, the first and only platform to combine the capabilities of SaaS Security Posture Management with SaaS Management to help security, IT, finance, and risk teams control the complexity, cost, and risk associated with modern apps and infrastructure.