Axiad, an identity-first security provider, announced today that it has secured a $25m investment from Invictus Growth Partners.
This funding will primarily support product innovation, recruitment of top talent, and advancement of the FedRAMP certification process.
The investment will be channeled into enhancing Axiad’s product offerings, particularly in phishing-resistant multifactor authentication (MFA) and other advanced authentication solutions. These innovations aim to fortify identity security for enterprises and government entities, responding to the rising challenges of identity-based attacks which, according to an IDSA survey, have affected 91% of organizations in 2024.
Axiad intends to use the new funds to boost its sales and marketing efforts, and accelerate its journey towards achieving a Federal Risk and Authorization Management Program (FedRAMP) Authority to Operate (ATO). The company also plans to expand its team by hiring additional skilled professionals across various functions.
Additional developments at Axiad include a recent agreement with a federal agency to sponsor Axiad Cloud through the final stages of the FedRAMP process. Axiad Cloud, the company’s flagship product, offers a comprehensive suite of authentication tools that integrate seamlessly with existing IT systems, thereby reducing costs and enhancing security without disrupting user experience.
John DeLoche, co-founder of Invictus and a member of Axiad’s board of directors, said, “Axiad is a trusted leader in the identity security market, and this additional investment will drive continued innovation for our customers and the industry overall.
“David has brought exceptional leadership, vision and new operating talent to the company, and we look forward to working with him to successfully execute on Axiad’s growth strategy.”
David Canellos, CEO of Axiad, said, “This latest funding round from Invictus further demonstrates its confidence in our mission in the identity security space, which is to enable enterprises and government organizations to deliver an identity-first zero-trust future through advanced authentication solutions, including phishing-resistant MFA, that will help better protect our rapidly growing customer base.”
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