Secret management platform Akeyless scores $14m Series A

Akeyless, which stylises itself as the secrets management company, has collected $14m in its Series A funding round.

Team8 acted as the lead investor, with contributions coming from Jerusalem Venture Partners.

With the capital infusion, the company hopes to bolster its product development and further the growth of its services.

Akeyless has designed a secrets orchestration platform that leverages distributed fragments cryptography. The zero-knowledge key management system performs cryptographic operations using fragments of encryption keys without combining them, ensuring Akeyless or third-parties cannot access company data.

Founded in 2018, the company allows organisations to protect all types of business secrets across all environments.

Team8 Capital managing partner Liran Grinberg said, “Secrets management is a top priority for enterprises. But cloud providers’ offerings are limited, and Akeyless’s competitors’ solutions are expensive, incomplete and hard to maintain.

“Akeyless’s robust secrets management as-a-service doesn’t require an enterprise to install and maintain it, making it frictionless and affordable. As companies migrate to the cloud, the combination of secrets management and zero trust is critical – Akeyless applies advanced cryptography to make its SaaS offering resilient to attacks.”

Earlier in the week, cybersecurity platform Sysdig joined the unicorn club after closing its $118m Series F round.

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