Axonius, a major player in the world of enterprise asset management, has recently secured an additional $200 million in funding to further expand its business amidst impressive growth. The company, which was founded almost five years ago, boasts an estimated $100 million in ARR and has garnered the support of over 500 large enterprises as customers.
The latest investment is a result of co-leadership from Lightspeed and Accel, and comes in the form of an extension to Axonius’s existing Series E round of $200 million, which was first led by Accel two years ago. The company’s valuation will remain the same at $2.6 billion. (Previously, a $100 million round was raised in 2021, with a valuation of $1.2 billion.)
When asked about the decision to extend the Series E round instead of launching a new Series F, CEO and founder Dean Sysman replied, “I never optimize for valuation when approaching a funding round. We prioritize what’s best for the long-term success of the company. With the size of our problem and addressable market, we see ourselves as having a very long-term strategy.”
Despite the current challenges in IT budgets and technology, the addressable market for Axonius has continued to grow over the years.
“One of the most critical elements of a strong cybersecurity strategy is understanding and monitoring attack surface,” says Sysman. In other words, having a clear understanding of all assets, services, and interactions within a network is crucial for protecting against malicious attacks.
This is easier said than done in the complex world of enterprise today. With the rise of cloud services, containerization, big data analytics, microservices, and a wide range of connected devices and work locations, creating a comprehensive picture of a network can be challenging. Axonius is one of the few companies focused on building platforms to help manage this complexity.
- The platform provides real-time snapshots of the network.
- It covers both on-premises and cloud assets and services.
- However, some products and services do not provide real-time data, which can impact accuracy.
Axonius also offers tools for detecting changes in the network and making suggestions for actions to take. While there are other companies that provide similar services for data management, regulatory compliance, or software tracking, Axonius’s main focus is cybersecurity.
Some notable companies that have joined forces with Axonius include Schneider Electric, News Corp, and Anheuser-Busch InBev. With this new investment, the New York-based company plans to continue improving its platform and expanding into new markets.
Although Accel and Lightspeed were not available for interviews, Lightspeed provided a statement highlighting their continued support for Axonius.
“As a long-time partner of Axonius, we are proud to continue investing in our best performing companies. Axonius is a clear example of this. Their impressive growth speaks for itself, from achieving $100M ARR at record speed to reaching 1,000 platform integrations. Over the years, Axonius has evolved from a single product asset management company to a comprehensive platform that manages an organization’s entire digital footprint, including assets, software, and SaaS. We believe they are on the path to becoming a household name for any cyber or IT buyer,” says Arsham Memarzadeh, partner at Lightspeed.
[…] recently made headlines, raising a staggering $430 million (£340 million) in a late stage funding round. This confirms earlier reports from the Financial Times and brings the company’s post-money […]