- Cybersecurity asset management company Axonius announced it raised $20 million in Series B funding led by new investor OpenView
Axonius — a cybersecurity asset management company — announced it has raised $20 million in Series B funding led by new investor OpenView. And existing investors Bessemer Venture Partners, YL Ventures, Vertex, WTI, and Emerge also participated in the round. Including this round, Axonius has raised a total of $37 million to date. In conjunction with this round of funding, OpenView partner Mackey Craven is joining the Axonius Board of Directors.
This round of funding enables Axonius to continue to accelerate demand for its Cybersecurity Asset Management Platform — which is the only asset management solution on the market today that leverages existing security investments to gain unmatched visibility into an organization’s asset inventory. And by seamlessly connecting to over 135 security and management solutions, Axonius uncovers solution coverage gaps and automatically validates and enforces security policies.
This round of funding will also be used to drive customer acquisition and expedite product innovation following rapid growth and industry validation. And earlier this year, Axonius was named RSA Conference’s “Most Innovative Startup 2019” for solving the asset management challenge, the security industry’s most fundamental, long-standing problem.
“In 2019 alone, we saw more than a 400% increase in Annual Recurring Revenue (ARR), adding Fortune 500 companies as customers and managing more than 3 million assets at public and private companies worldwide,” said Axonius co-founder and CEO Dean Sysman. “We’ve found a way to solve this decades-old problem, and this funding will allow us to double down on our mission to enable our customers to take control of their assets and rest assured their environments are secure.”
Craven’s appointment to the board will enable him to help guide the company as assists organizations with eliminating the work required to understand all of their assets, devices, and users, and automatically validate their adherence to security policies.
“There’s a tendency to solve enterprise-level problems with complex, heavy solutions,” added Craven. “But Axonius is taking the opposite approach by solving asset management with an elegant solution that customers love. It’s time we turn the tide on a problem that has plagued organizations for decades, and we believe Axonius is well positioned to do just that.”
Axonius’ platform covering millions of devices at customers such as The New York Times, Schneider Electric, ThermoFisher, Landmark Health, and AppsFlyer.
“There has never been a tool that does what Axonius does,” explained Landmark Health director of information security Jeffrey Gardner. “And I didn’t realize there was a solution to the problem, so we never tried to solve it. Asset management, policy validation, and cyber hygiene are so inconvenient and manual, but so essential. Since we’re able to move from a 3-month audit window to an automated, daily audit, we can immediately track improvement and move much faster to take action. The time saved on the manual audit itself is valuable, and I can conservatively say that we’re 70% better off than we were before now that we have Axonius.”
Axonius was also named the Most Innovative Startup of 2019 at the RSAC Innovation Sandbox and was named Rookie Security Company of the Year by SC Magazine.
“We see organizations having increasingly broad and complex IT environments, with security teams often struggling to keep up with all the changes,” commented 451 Research principal analyst Fernando Montenegro. “This is partly why we see asset management experiencing a resurgence right now, given that security teams need asset visibility to better understand and secure their environments. Axonius has a different take on asset discovery, which has the potential to simplify and speed up the process.”
