Israeli zero trust access cybersecurity company Axis Security today announced the completion of a $32 million Series B financing round led by Canaan Partners with participation from existing investors Ten Eleven Ventures and Cyberstarts.
The company says it will use the funds to speed up growth and meet market demand which has risen due to Covid-19 and increased remote working. And expand marketing outside North America. As part of the funding round, Canaan Partners general partner Joydeep Bhattacharyya has joined Axis Security's board of directors.
He said, "Axis has quickly established itself with a differentiated, already proven approach to the decades-old problem of securing application access. What has been most impressive to us is how the company has moved quickly and met the opportunity since coming out of stealth in March. It is a testament to the team and the power of the Axis platform. The company is rising at the right moment and we are humbled to become their partner at such a pivotal time."
The company today also announced enhancements to its Axis Application Access Cloud, as well as integrations with leading security providers CrowdStrike, Splunk and Okta.
Axis Security was founded by CEO Dor Knafo and Gil Azreant and has raised $49 million to date including the latest financing. Additional investors included Dan Amiga, founder of Fireglass, and board member Michael Fey, co-founder and CEO of Zero Abstraction and former president of Symantec and Blue Coat.
Knafo said, "Our approach is a proven game-changer for customers. We're solving one of the most complex security challenges IT faces right now in rapidly onboarding remote workers and third parties simply and securely. Doing this at scale is proving to be far more difficult than many organizations expected. We're giving IT teams a single, managed solution for access, security, control and scalability without the complexity and end-user headaches of what's available today."
Published by Globes, Israel business news - en.globes.co.il - on September 29, 2020
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