Akeyless secures a cash infusion to help companies manage their passwords, certificates and keys

▤ Summary

Back in 2018, Refael Angel, a former security software engineer at Intuit, had an idea for a new approach to protect encryption keys the random string of bits created to scramble and unscramble data on the cloud. Bringing Akeylesss total funding to date to $80 million, the new capital gives the company at least two and a half years of runway and will be put toward various sales, marketing, customer service and product development initiatives, Hareven said via email.This will allow us to navigate the current economic climate and continue to provide our much-needed solution to the market, he added.Akeylesss co-founders attribute the startups success in part to the comprehensiveness of its product offerings. Our customers are expressing a need for the convergence of legacy tools to reduce risks and improve compliance across all environments and use cases.Akeyless certainly occupies a large and profitable sector Grand View Research predicts that the market for password management software will be worth up to $2.05 billion by 2025. To the contrary, Hareven pointed to the teams track record in cybersecurity Onns previous security venture, Fireglass, was acquired by Symantec for $250 million and noted that Akeyless is expanding, with plans to double its 80-person workforce by the end of next year.Hareven didnt mention during our conversation, but Akeyless is also likely to benefit from the continued broader VC interest in cybersecurity. Venture capital investments in security startups eclipsed $13 billion this year, according to PitchBook data, up from $11.47 billion in 2020.The fact that we are a software-as-a-service provider and free of the on-premise technical debt of versioning and support makes our economics much more efficient, allowing us to respond faster to market needs and rapidly innovate, Hareven said.

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