Secrets management company Akeyless raises $14m.
The firm will use the funding to accelerate its product development and growth, it said. The company was founded in 2018 by serial entrepreneurs Shai Onn, Oded Hareven and Refael Angel.
Tel Aviv-based Akeyless, which provides a SaaS-based (software as a service) vault for secrets management and zero-trust access, said Wednesday it secured a $14 million Series A round of financing, led by Team8 and with participation from Jerusalem Venture Partners (JVP).
The company was founded in 2018 by serial entrepreneurs Shai Onn, Oded Hareven and Refael Angel.
Akeyless helps organizations manage secret data such as passwords, credentials, certificates, and keys between IT security platforms and teams. Its platform leverages Distributed Fragments Cryptography, its proprietary, patent-pending IP, to perform cryptographic operations using fragments of encryption keys without ever combining them, the company said.
Akeyless experienced tremendous growth in 2020, and was recognized by Gartner as a key player in the realm of workload identities and trusted by enterprises in multiple sectors, the company said.
“Having the backing of both Team8 and JVP, the ideal venture partners given their track record in powering the success of innovative cybersecurity start-ups, is testimony to the disruption Akeyless brings to the market,” said Hareven. “We are thrilled to have their invaluable support as we bring our innovative secrets-management platform into the new era of hybrid and multi-cloud.”
“We are happy to welcome Team8 joining us in building the next category leader in the secrets management domain,” said Yoav Tzruya, a JVP general partner. “We’ve seen Akeyless demonstrate its value, providing a ubiquitous, zero-trust, secrets management as-a-service to large-scale customers over the last year. We believe that in joining forces with Team8 and the founders, we will be able to build Akeyless to its full potential as a dominant solution.”
“Secrets management is a top priority for enterprises,” said Liran Grinberg, managing partner with Team8 Capital. “But cloud providers’ offerings are limited, and Akeyless’s competitors’ solutions are expensive, incomplete and hard to maintain. Akeyless’s robust secrets management as-a-service doesn’t require an enterprise to install and maintain it, making it frictionless and affordable. As companies migrate to the cloud, the combination of secrets management and zero trust is critical – Akeyless applies advanced cryptography to make its SaaS offering resilient to attacks.”
Akeyless Raises $14M in Series A Funding
Founded by serial entrepreneurs Shai Onn, President; Oded Hareven, CEO; and Refael Angel, CTO, Akeyless is a SaaS-based vault that allows organizations to manage and protect all types of secrets, across all environments, via a single, comprehensive platform. It is used by enterprises in multiple sectors including pharma, internet, gaming and adtech.
Akeyless, a software-as-a-service platform for authentication and digital access, today announced it has raised $14 million in a series A round led by Team8. Akeyless has offices in New York and Tel Aviv and says the round will be put toward hiring and global expansion as it looks to grow its customer base.
As the transformation to hybrid and multicloud evolves — with 92% of organizations characterizing their operations as at least “somewhat” in the cloud — secrets like passwords, credentials, certificates, and keys are seeing heavy use in workloads, as well as by privileged users, teams, and IT security software. What was previously solved by key management systems has become much more challenging, given the scale of the cloud-distributed infrastructure. According to a CyberArk survey, 99% of security and DevOps pros fail to identify all the places where privileged accounts or secrets exist.
Akeyless aims to solve this with a platform that combines secrets management with zero-trust solutions. In a cybersecurity context, “zero trust” refers to the belief that organizations shouldn’t automatically trust anything and must instead verify everything trying to connect to their systems before granting access.
Founded in 2018, Akeyless is the brainchild of Shai Onn, Oded Hareven, and former Intuit senior engineer Refael Angel. Onn is the founder and chair of cybersecurity startup FireGlass, which Symantec acquired in 2017 for $250 million. Hareven, a veteran of the Israeli Defence Forces cybersecurity unit, held a number of product and project management positions, including director of product management at Moovit, which Intel purchased last year for $900 million.
Akeyless automatically manages secrets for DevOps tools and cloud platforms using a secure vault for credentials, tokens, API keys, and passwords. The platform supports ephemeral, “just-in-time” access permissions and is built on an architecture that can be deployed on any internal environment, with containerized packages and virtual machines.
Twenty-two-employee Akeyless isn’t the only secrets management product in an identity and access market that’s anticipated to be worth $24.12 billion by 2025, according to Grand View Research. Among others, there’s Doppler, as well as 1Password and tech giants like Amazon. But Akeyless claims to uniquely leverage a technique called distributed fragments cryptography to provide a root-of-trust in untrusted multicloud environments. Distributed fragments cryptography performs cryptographic operations using fragments of encryption keys without ever combining them, ensuring third parties can’t access secrets or keys, Akeyless says.
“We are witnessing an unprecedented migration of technology development and data to the cloud,” CEO Hareven told VentureBeat via email. “As such, protecting access has never been more challenging or more important. Akeyless’ cloud-native … solution is the first unified vault that allows enterprises to manage credentials, certificates and keys seamlessly, without the need for the lengthy, costly installation of an on-premise solution. The innovative zero-knowledge key management system, where encryption keys never exist as a whole, means neither Akeyless nor any third party can access a customer’s secrets and keys. Our solution offers a seamless onboarding experience, fast time-to-production and ease-of-use. Our solution offers secrets management, zero-trust access and data protection, based on Akeyless… technology.”
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