Axonius nets $58m in Series C round led by Lightspeed Venture Partners

From: RegTech Analyst

Cybersecurity startup Axonius has closed a $58m Series C funding round just seven months after closing its Series B round in August 2019.

The New York-based company drummed up support for the raise from several investors. Chief among the backers was Lightspeed Venture Partners, the venture capital firm that led the round. Lightspeed Venture Partners has previously backed startups like the InsurTech venture’s $37m round in September 2019.

Axonius also saw investment from existing investors OpenView, Bessemer Venture Partners, YL Ventures, Vertex and WTI.

The financial boost to its coffers comes seven months after Axonius raised $20m in its Series B round and more than a year after it closed its $13m Series A round in February 2019. The new round brings the total invested into the company since it was first launched in 2017 to $95m, according to Crunchbase.

Axonius is creating a comprehensive asset inventory for businesses that can help them uncover security solution coverage gaps and automatically validating and enforcing security policies.

“Despite the amazing, high-tech tools available to IT and security teams today, organisations still struggle with understanding what devices and cloud workloads they have, what is installed on them, who has access and whether they meet the overall security policy,” Dean Sysman, CEO and co-founder of Axonius, told Crunchbase News.

The Series C round will be used to fund the expansion of the company and to keep improving its platform.

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