Funds Will Accelerate the Growth and Expansion
of the Identity Security Company, Including Driving Product
Innovation, Hiring Top Talent and Advancing the FedRAMP
Certification Process
SANTA CLARA, Calif.,
July 30, 2024 /PRNewswire/
-- Axiad, an identity-first enabler of the zero-trust
enterprise, today announced it has raised $25 million in funding from Invictus Growth
Partners ("Invictus"). The investment funds will be used primarily
to fuel product development innovation, hire additional top talent,
bolster sales and marketing efforts, and aid in the company's
journey to achieve Federal Risk and Authorization Management
Program (FedRAMP®) Authority to Operate (ATO). The
current round brings the company's total capital raised to
$45 million, which includes
Invictus's previous $20 million
private equity investment in 2021.
"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," said David Canellos,
CEO of Axiad. "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."
The funding news comes on the heels of Axiad's announcement last
week 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 robust credential management that
utilizes x.509 certificates and FIDO passkeys. The 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.
"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," said John DeLoche, co-founder of Invictus and a
member of Axiad's board of directors. "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."
The investment also builds on the company's recent momentum of
the appointments of Alex Au Yeung as
chief product officer and Sergey Starzhinskiy as vice
president of systems engineering, who are both continuing to drive
Axiad's identity-first product direction and innovation, as well as
the aforementioned announcement of a new federal agency customer
and FedRAMP sponsor.
About Axiad
Axiad delivers identity-first
authentication technologies that help organizations secure people,
machines and applications. Axiad's customers in the federal
government, finance and banking, healthcare, manufacturing and
technology sectors optimize existing cybersecurity investments
while navigating modern IT complexities like disparate identity and
access (IAM) solutions, a mix of cloud, on-prem and hybrid
infrastructures, and regulatory requirements like FedRAMP, CMMC and
AAL3. The company's flagship offering, Axiad Cloud, provides an
advanced authentication toolset that allows organizations to manage
strong authentication processes without replacing existing systems.
Axiad Cloud combines multifactor authentication, cloud-based PKI
and robust credential management utilizing x.509 certificates and
FIDO passkeys, while supporting the widest range of credentials in
the industry, including FIDO, mobile MFA, Windows Hello for
Business, YubiKeys, smart cards, TPM and biometrics. With Axiad
Cloud, customers benefit from lower IT costs, increased user
satisfaction and continual mitigation of identity-based attacks.
Visit axiad.com to learn more.
About Invictus Growth Partners
Invictus Growth
Partners is a buyout and growth equity firm that invests in
outstanding bootstrapped and capital efficient, automation-enabled
cloud software, cybersecurity and fintech companies that seek
capital and strategic resources to accelerate their growth. The
firm and all its professionals are based in San Mateo, CA. Please visit at
invictusgrowth.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/axiad-raises-25m-in-private-equity-round-from-invictus-growth-partners-302208861.html
SOURCE Axiad IDS, Inc.