Cybersecurity Asset Company Axonius Raises $58 Million Led By Lightspeed

By Amit Chowdhry ● Apr 1, 2020
  • Cybersecurity asset management company Axonius announced it has raised $58 million in Series C funding led by Lightspeed

Cybersecurity asset management company Axonius 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.

Including this round of funding, Axonius has raised $95 million. And this new funding round will cement the company’s leadership position during a time of exponential growth when over 85% of organizations plan to increase their investment in asset management. The funding will also enable Axonius to grow quickly while maintaining its commitment to product simplicity and customer value.

With this new funding round, Axonius plans to scale the company’s growth and expand its cybersecurity asset management platform offerings to meet surging market demand. The company has seen over a 910% increase in year-over-year customer growth while doubling its team. Some of the company’s customers include The New York Times, Schneider Electric, Landmark Health, and AppsFlyer.

By integrating with more than 200 security and management solutions, Axonius can be deployed in minutes to give customers a comprehensive asset inventory. And it can be used to identify 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 due to trends like public cloud adoption, a massive increase in end-user devices, and ubiquity of IoT devices. The “2020 Asset Management Trends: As IT Complexity Increases, Visibility Plummets” study 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.

Key Quotes:

“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. 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.”

-Axonius CEO and co-founder Dean Sysman

“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. 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.”

-Dave Gruber, senior analyst at Enterprise Strategy Group

“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. 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.”

-Arsham Menarzadeh, general partner at Lightspeed Venture Partners