In a statement cybersecurity startup Axonius said, it has raised $100 million through a private funding round which was led by New York-based growth equity firm Stripes; the funding round valued the startup at $1.2 billion.
The funding round, which came less than a year after Axonius’ last raise saw the startup’s total funding touch $195 million marking strong investor appetite in cybersecurity firms.
NY-based Axonius develops an end-to-end device management platform for its enterprise customers track systems and computers on their networks.
Last year, the four-year old startup saw explosive growth with companies across the globe increasing their cybersecurity spending following an increase in remote working environment induced by lockdowns from the COVID-19 pandemic.
Axonius said, its annual revenues surged by more than $10 million last year, tripling its previous year revenues. The startup’s clients include Schneider Electric, the U.S. federal government and Landmark Health.
“The pandemic has from a business perspective definitely increased the priority and the urgency of organizations with cybersecurity,” said Axonius’ CEO in an interview. “The funding also shows we’re financially and strategically positioned to be independent for the long haul.”
Proceeds will be channelized into bringing out new features on the platform, looking for acquisition targets and expanding into new geographies including Asian markets, said Sysman.
The startup’s other backers include Bessemer Venture Partners, Vertex Ventures Israel and Lightspeed Venture Partners.
Transmission to the cloud, frequent cyber attacks coupled with increased adoption of remote working has fueled investors’ interest in cybersecurity firms.