Cyber asset management startup Axonius adds $200 million in Series E extension at $2.6 billion valuation
Cyber asset management startup Axonius adds $200 million in Series E extension at $2.6 billion valuation
"Axonius has gone from zero revenue to exceeding $100 million in ARR in just 4.5 years, making us one of the fastest growing cybersecurity companies,” said Dean Sysman, CEO of Axonius
Axonius, which develops solutions for cybersecurity asset management and SaaS management, announced on Tuesday that it has secured $200 million in a Series E extension funding round led by Accel and Lightspeed Venture Partners. Existing investor Stripes also participated.
Founded in New York City in 2017 by Israelis Dean Sysman (CEO), Ofri Shur (CTO), and Avidor Bartov (Chief Architect), Axonius' software helps IT and security teams manage their IT environments, including devices, users, software and cloud services, so they can mitigate threats and manage security risks.
The round brings Axonius' total funding to nearly $600 million, according to PitchBook data.
The startup's latest valuation is roughly in line with the $2.6 billion valuation it fetched at its last raise in early 2022, despite its revenue growing in double digits annually since then.
The lower valuation multiples shows how investors value startups differently in the new norm in the high interest rate environment where public company valuation shifts.
The startup said it crossed $100 million in annual recurring revenue in 2023, with its customer base now including more than a dozen of the Fortune 500 and global organizations such as Schneider Electric, News Corp, and Anheuser-Busch InBev. The company also supports four of the five major U.S. Department of Defense service agencies.
"Axonius has gone from zero revenue to exceeding $100 million in ARR in just 4.5 years, making us one of the fastest growing cybersecurity companies,” said Dean Sysman, CEO and Co-founder at Axonius. “IT and security teams at over 500 hundred organizations across the globe are using the Axonius Platform to manage an always-expanding sprawl of devices, users, software, SaaS applications, cloud services, and more. We provide a system of record for all their digital infrastructure so they can quickly mitigate threats, navigate risk, automate action, and inform business-level strategy.”
