The round was led by NGP Capital, with participation from existing investors Team8 Capital and JVP
The company, which has seen a 350% growth in revenue over the past year, will use the funds to double the size of its global team, as well as expand and enhance its platform
New York City and Tel Aviv, Israel, November 16, 2022 — Akeyless, the leading SaaS-based Secrets Management Platform for securing DevOps and IT workloads within hybrid and multi-cloud environments, today announced $65 million in series B funding, bringing the total funding to date to $80 million.
The round was led by NGP Capital, with participation from existing investors Team8 Capital and Jerusalem Venture Partners (JVP).
In addition, the company announced that Mike Christenson, the former COO & President of New Relic and CA Technologies, has joined as an investor and board member.
There’s been rapid growth in recent years in the adoption of cloud services and modern DevOps processes, necessitating a new approach to how organizations manage their secrets (i.e. credentials, certificates, and keys). A recent report found that the number of secrets leaked by organizations doubled last year, reaching an all-time high of more than six million. As a result, many current days breaches, such as Toyota, Uber, Onelogin, Gitlab, Nvidia, and Solarwinds, involve compromised secrets.
“Existing secrets management solutions don’t meet the current needs of enterprises,” said Oded Hareven, CEO and co-founder of Akeyless. “Organizations are looking for an alternative to open source secret vaults — that are far from free when you consider the extensive maintenance requirements — and commercial solutions with high licensing costs that are difficult to deploy and use. Secret management should reduce the attack surface but existing solutions only increase it by creating additional infrastructure for teams to secure and maintain.”
Akeyless is the only Secrets Management Vault platform to offer true zero-knowledge and quick-to-deploy Secrets Management as-a-Service solution that centralizes the management and security of secrets across multi-cloud and DevOps environments. The solution is zero-maintenance — with out-of-the-box plugins for existing IT, Dev, and Security tools — and supports enterprise-grade capabilities like disaster recovery, high availability, and global scale. The platform provides a unified approach to securing a full range of both machine and human-to-machine secrets, while its ease of use empowers organizations to move fast, without sacrificing security.
“Akeyless solves the pain caused by secrets proliferation in production environments of modern enterprises, which has worsened with the rise in adoption of modern DevOps methodologies, containerized application development, and increasingly global and remote operations,” said Hareven. “We are proud to be trusted by Fortune 50 companies as well as mid-to-large enterprises, and to provide them with a low total cost of ownership for their secrets management coupled with high adoption among teams.”
Akeyless is able to maintain enterprise-level security while offering an easily accessible SaaS solution by leveraging its patented Distributed Fragments Cryptography (DFC™) technology. The NIST FIPS 140-2 certified Zero-Knowledge technology ensures that Akeyless can’t access the customer’s secrets and keys, therefore, organizations keep exclusive ownership of their secrets. Furthermore, Akeyless DFC™ enables performing cryptographic operations using fragments of an encryption key, without ever combining the key fragments.
Companies moving to Akeyless from existing secret management solutions see an average cost reduction of 70%. This has driven a 350% growth in revenue over the past year, with Akeyless now being trusted to safeguard the secrets of leading companies across a wide range of industries including Cimpress, Constant Contact, Progress and Stash.
“When we met with Akeyless it was clear to us from the start that this is the solution we were long seeking to handle our overall Secrets Management needs. Akeyless’ platform approach, superb technology as well as service excellence made it easy for us to decide to rip and replace our existing solution. Our partnership with Akeyless is expanding every day, and we are excited to embrace their new offerings for Secure Remote Access and Data Protection”, said Daniel Fabbo, Senior Manager Information Security, Cimpress Inc .
“With limited security expertise, staff, and budgets, companies were forced to choose between impossibly expensive and labor-intensive solutions or compromising on security,” said Shai Onn, Chairman, President and co-founder of Akeyless. “With this latest funding, we will further enable mid-to-large enterprises to operate safely in cloud environments in the midst of an increasingly sophisticated and aggressive cyber landscape.”
“Akeyless is poised to dominate the immense and hugely underserved Secrets Management market, and we believe that their growth will continue at an exponential rate. We are excited to partner with Akeyless‘s team and participate in their journey to make Akeyless Vault the platform of choice for growing businesses across industries”, said Christian Noske, Partner at NGP Capital.
“At JVP, we’ve been strong believers in the Akeyless vision since day one. The company solves, once and for all, the critical challenge of secrets management in enterprise environment, and it is clear the company will continue to grow dramatically” said Yoav Tzruya, General Partner, JVP. “Akeyless provides the required next step in secret management platforms, protecting hundreds of millions of secrets for Fortune 500 customers, across industries. Customers enjoy an innovative, highly secure, 24×7, zero-trust, secret management-as-a-service, offering unprecedented security, availability, performance and cost advantages, allowing CISOs and CIOs peace of mind, protecting their IT Infrastructure machine Identities. At JVP, it is clear Akeyless is providing the next step in the category, and is the next category leader, after companies such as CyberArk, which we helped lead, to become a $6bn company. We are delighted to welcome NGP Capital to the team as we work together to make Akeyless the category leader in the large secret management market”.
“Customers worldwide are ripping and replacing legacy secrets management systems with Akeyless’ secure cloud-based vault platform”, said Liran Grinberg, Co-Founder and Managing Partner at Team8. “Akeyless is redefining secrets management, empowering customers with seamless migration, streamlined operations, superior security, and significantly reduced TCO (total cost of ownership). We’re proud to be backing the world’s leading and fastest growing Secrets-Management-as-a-Service platform”.