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Israeli secrets management co Akeyless raises $65m

Israeli secrets management company Akeyless today announced the completion of a $65 million series B financing round led by NGP Capital, with participation from existing investors Team8 Capital and Jerusalem Venture Partners (JVP). Mike Christenson, the former COO & President of New Relic and CA Technologies, has joined Akeyless as an investor and board member. The latesatr investment brings the total amount raised by the company to $80 million.

With offices in Ramat Gan and New York, Akeyless, was founded by CEO Oded Hareven, president Shai Onn and CTO Refael Angel. The company has developed a SaaS-based secrets management platform for securing DevOps and IT workloads within hybrid and multi-cloud environments and protect passwords and credentials, certificates and keys.

Hareven said, “Existing secrets management solutions don’t meet the current needs of enterprises. Organizations are looking for an alternative to open source secret vaults – that are far from free when you consider the extensive maintenance requirements – and commercial solutions with high licensing costs that are difficult to deploy and use. Secret management should reduce the attack surface but existing solutions only increase it by creating additional infrastructure for teams to secure and maintain.”

He added, “Akeyless solves the pain caused by secrets proliferation in production environments of modern enterprises, which has worsened with the rise in adoption of modern DevOps methodologies, containerized application development, and increasingly global and remote operations. We are proud to be trusted by Fortune 50 companies as well as mid-to-large enterprises, and to provide them with a low total cost of ownership for their secrets management coupled with high adoption among teams.”

Akeyless stores customer secrets and makes them easily accessible in all their environments, while its patented Distributed Fragments Cryptography (DFC) technology makes the secrets inaccessible to anyone besides the customer – Akeyless included.

Onn said, “With limited security expertise, staff, and budgets, companies were forced to choose between impossibly expensive and labor-intensive solutions or compromising on security. With this latest funding, we will further enable mid-to-large enterprises to operate safely in cloud environments in the midst of an increasingly sophisticated and aggressive cyber landscape.”

Published by Globes, Israel business news – en.globes.co.il – on November 16, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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