Feb 28 (Reuters) - Cybersecurity startup Axonius has raised
$100 million in a private funding round led by New York-based
growth equity firm Stripes at a valuation of $1.2 billion, the
company said on Sunday.
The latest funding came less than a year after Axonius' last
raise and brought Axonius' total funding to $195 million,
signaling strong investor appetite in cybersecurity firms that
have seen strong demand during the global pandemic. The company
plans to announce the raise on Monday.
New York-based Axonius develops an end-to-end device
management platform to help its enterprise customers track
computers and systems that connect to their networks.
The four-year-old firm saw explosive growth last year as
companies around the world increased cybersecurity spending in
an adaption to a remote working environment during the COVID-19
Axonius said it booked more than $10 million in annual
recurring revenue last year, triple its 2019 revenue, counting
Schneider Electric, Landmark Health, and the U.S. federal
government as its clients.
"The pandemic has from a business perspective definitely
increased the priority and the urgency of organizations with
cybersecurity," chief executive Dean Sysman said in an
interview. "The funding also shows we're financially and
strategically positioned to be independent for the long haul."
The proceeds will be used for building out new features on
the platform, looking for acquisition targets and expanding into
new geographies such as Asian markets, said Sysman.
Other backers of Axonius include Bessemer Venture Partners,
Lightspeed Venture Partners and Vertex Ventures Israel.
Rapid adoption of remote working, coupled with frequent
cyberattacks and transition to the cloud, has fueled investors'
interest in cybersecurity firms. Funding in the cybersecurity
industry reached an all-time high of $11.4 billion last year, a
nearly 50% increase from 2018, according to CB Insights.
(Reporting by Krystal Hu in New York and Anirban Sen in
Bangalore; Editing by Daniel Wallis)