Axonius secures $58 million funding for business development efforts

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Axonius secures $58 million funding for business development efforts

Cybersecurity asset management company Axonius has secured a $58 million investment in Series C funding to boost scalability and business development efforts, the company announced.

The funding round was led by Lightspeed Venture Partners, but current investors OpenView, Bessemer Venture Partners, YL Ventures, Vertex, and WTI were also present. The total amount the company has raised so far is $95 million.

According to Axonius’ 2020 Asset Management Trends Report, more than 85 percent of organizations want to commit higher budgets for asset management. Other reports consistently note that spending on security is expected to increase this year, even in light of a potential recession on the horizon.

Axonius boasted a large year-over-year increase in its customer base and doubling team members to over 80 employees. It plans to use the investment to improve the product and increase customer value.

“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,” said Dean Sysman, CEO and Co-Founder at Axonius, in a prepared statement. “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 has a product portfolio of more than 200 security and management solutions that detect security gaps, approve and implement security policy and perform asset inventory.

As per a study conducted by Enterprise Strategy Group for Axonius, public cloud adoption, the increase in end-user devices and IoT systems are increasing IT intricacy, which leads to visibility gap and security incidents.

“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,” said Dave Gruber, senior analyst, Enterprise Strategy Group, in a prepared statement.

“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,” he continued.

“You can’t protect a device if you don’t know it exists,” said Arsham Menarzadeh, partner at Lightspeed Venture Partners, in a prepared statement. “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.”

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