Axiad IDS, Inc., a leader in identity-first security solutions, has successfully raised $25 million in its latest funding round led by Invictus Growth Partners. This new capital, which elevates Axiad’s total funding to $45 million, will accelerate the company’s growth by driving product innovation, expanding its team, enhancing sales and marketing efforts, and advancing towards Federal Risk and Authorization Management Program (FedRAMP®) Authority to Operate (ATO) certification.
David Canellos, Axiad’s CEO, emphasized the importance of the investment, noting, “With 91% of organizations experiencing identity-based attacks this year, our focus on advanced, phishing-resistant multifactor authentication (MFA) is crucial. This funding from Invictus highlights their confidence in our mission to lead the identity-first zero-trust future with cutting-edge solutions.”
The investment follows recent progress in Axiad’s FedRAMP certification journey and the appointment of key executives such as Alex Au Yeung as Chief Product Officer and Sergey Starzhinskiy as VP of Systems Engineering. John DeLoche, co-founder of Invictus Growth Partners and Axiad board member, praised Axiad’s leadership and innovation, stating, “David’s exceptional leadership and the new talent at Axiad are set to drive continued industry-leading advancements.”
Editorial Opinion
Axiad’s strategic move to secure $25 million in funding reflects a growing recognition of the company’s pivotal role in identity security. The firm’s dedication to developing advanced authentication solutions amidst rising cyber threats positions it as a crucial player in the cybersecurity landscape. The integration of new technologies and the expansion of its team underscore Axiad’s commitment to addressing complex IT challenges and enhancing overall security.
As organizations globally face increasing identity-based threats, Axiad’s innovative approach, particularly its passwordless orchestration and FedRAMP certification efforts, offers a forward-looking solution to modern cybersecurity needs. The firm’s growth trajectory and investment in cutting-edge technology promise significant advancements in securing both public and private sector enterprises.
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