Digital identity management solution Keyfactor has closed its growth funding round on $77m to support its market expansion.
The funding was supplied by global venture capital and private equity firm Insight Venture Partners.
Following the investment, Keyfactor is looking to accelerate its market expansion to meet the growing demand for its solutions. Over the past year, the RegTech managed to double its year-on-year revenue.
Founded in 2001, the company offers late last year, the company rebranded from Certified Security Solutions to Keyfactor. Enterprises across the financial, healthcare, retail and automotive industries make use of Keyfactor.
The platform helps to automate the real-time discovery, monitoring, issuing and replacement of digital certificates, while maintaining security of the infrastructure. It offers two solutions: Keyfactor Command, a complete and scalable certificate management platform and Keyfactor Control, which is an end-to-end identity security in the IoT lifecycle.
Its digital identity management tools help a financial organisation to control their certificates and PKI recovery materials, and ensure necessary compliance is met and maintained.
Keyfactor CEO and co-founder Kevin von Keyserling said, “InfoSec professionals are challenged to fully anticipate and understand their cyber risk to continuously improve and scale their cyber defenses – and Keyfactor is committed to giving our customers the freedom to fully protect the next generation of applications and devices. This investment enables us to strengthen our leadership position as innovation partner to InfoSec professionals.”
Last year, Insight Venture Partners held the $6.3bn final close for its tenth investment fund, which backs the growth-stage software, software-enabled services, and internet business sectors.
The firm has been very active within the RegTech space, with its more recent deal, prior to Keyfactor, was a $60m capital injection to Taxjar. The company creates affordable and automated sales tax solutions for e-commerce business, developers and accountants.
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