Axonius, an Israeli cybersecurity startup, is now worth more than $1 billion. The company just declared this to be the case today as it added another $100 million in new investment. This latest round follows a 2020 investment of $58 million, increasing total funding to $195 million leaving the startup with unicorn status.
A unicorn is a startup which achieves a valuation of one billion dollars or more while still privately held. This nickname was coined because obviously such valuations are unusual for a company before an IPO and when it is still raising new funding. However, there have been quite few unicorn announcements lately so someone soon might need to raise the valuation to qualify for such status.
Axionus was founded in 2017 by co-founders Dean Sysman, Ofri Shur, and Avidor Bartov, veterans of an elite intelligence unit of the Israeli Defense Force. Axonius is a cybersecurity asset management platform which gives organizations a comprehensive asset inventory, uncovers security solution coverage gaps, and automatically validates and enforces security policies.
The company boasts that by seamlessly integrating with over 300 security and management solutions, Axonius can be deployed in just minutes, improving “cyber hygiene immediately.” It already covers millions of devices for customers like the New York Times, Schneider Electric, Landmark Health, AppsFlyer, and many more. Axonius was named the Most Innovative Startup of 2019 at the prestigious RSAC Innovation Sandbox and was named to the CNBC Upstart 100 list and Forbes 20 Rising Stars.
The company will use the new funding, in part, to expand its cybersecurity asset management platform to “meet surging market demand while maintaining its commitment to product simplicity and customer value.” After doubling its staff during the pandemic and achieving triple-digit annual recurring revenue growth in 2020, Axonius boasts that it continues its rapid-growth trajectory.
“Despite a turbulent 2020, I am incredibly proud of what the Axonius team has been able to accomplish,” said Dean Sysman, CEO and co-founder at Axonius. “This new round of funding with the most successful investors in our industry highlights the incredible work our team has done so far, as well as our commitment to our customers. I often say that time is the enemy of cybersecurity, and the rate and pace of change mean that IT and security teams can no longer afford to spend time manually compiling data about devices, users, and cloud instances for things like incident response, audits, and compliance. We’re committed to solving a real problem to let our customers focus on what’s important.”