Axiad, an identity-first enabler of the zero-trust enterprise, announced it has raised $25 million in funding from Invictus Growth Partners.
The funding will primarily fuel product development innovation, hire additional top talent, support sales and marketing efforts, and aid in the company’s journey to achieve the Federal Risk and Authorization Management Program (FedRAMP) Authority to Operate (ATO). This current round brings the company’s total capital raised to $45 million, which includes Invictus’ previous $20 million private equity investment in 2021.
This funding news follows Axiad’s recent announcement that a federal agency has agreed to sponsor Axiad and its flagship product, Axiad Cloud, to finalize its progress through the FedRAMP process. Axiad Cloud provides an advanced authentication toolset to customers, including federal government agencies, that combines MFA, cloud-based PKI, and credential management that utilizes x.509 certificates and FIDO passkeys.
This toolset helps organizations deploy and manage strong authentication processes across people, non-human identities, and applications without replacing existing systems, resulting in lower IT costs, happier users, and increased security by protecting organizations against identity-based attacks.
KEY QUOTES:
“According to an IDSA survey, 91% of organizations experienced an identity-based attack in 2024, and while multifactor authentication (MFA) has been around for decades, most implementations are weak and do not provide true phishing resistance. This latest funding round from Invictus further demonstrates its confidence in our mission in the identity security space, which is to enable enterprises and government organizations to deliver an identity-first zero-trust future through advanced authentication solutions, including phishing-resistant MFA, that will help better protect our rapidly growing customer base.”
- David Canellos, CEO of Axiad
“Axiad is a trusted leader in the identity security market, and this additional investment will drive continued innovation for our customers and the industry overall. David has brought exceptional leadership, vision and new operating talent to the company, and we look forward to working with him to successfully execute on Axiad’s growth strategy.”
- John DeLoche, co-founder of Invictus and a member of Axiad’s board of directors
