Israel's Akeyless, a digital authentication credential management company, announced last week that it closed a $14 million Series A round of financing, led by Team8 and with participation from Jerusalem Venture Partners. The company said it will use the funding to accelerate product development and growth of the world’s first SaaS-based unified vault, built for secrets management and zero-trust access.
As the transformation to hybrid and multi-cloud continues to evolve and expand, digital credentials are heavily used between workloads as well as by privileged users, across DevOps and IT security platforms and teams. The scale and ephemeral nature of the new cloud-native distributed infrastructure requires a completely new approach to managing privileged access for machines and humans, according to the company.
Akeyless says its vault allows organizations to manage and protect all types of secrets, across all environments, seamlessly via a single, comprehensive platform. The secure storage, usage and authentication of these credentials - including encryption keys, private data certificates, passwords, and SSH and API keys - are considered vital to critical business processes when working in the cloud.
According to the company, its Secrets Orchestration Platform offers credential management, zero-trust access and data protection based on Distributed Fragments Cryptography (DFC) technology. The platform leverages DFC to provide a SaaS-based root-of-trust in a non-trusted distributed environment. It performs cryptographic operations using fragments of encryption keys without ever combining them, ensuring that Akeyless or any third party cannot access a customer’s secrets and/or keys, Akeyless says.
"Having the backing of both Team8 and JVP, the ideal venture partners given their track record in powering the success of innovative cyber security startups, is testimony to the disruption Akeyless brings to the market,” said Oded Hareven, Akeyless Co-Founder and CEO. “We are thrilled to have their invaluable support as we bring our innovative secrets management platform into the new era of hybrid and multi-cloud. Our highly scalable enterprise-grade service is designed to serve an infinite number of customers, secrets and transactions, built on top of multi-region and multi-cloud operations."
"Secrets management is a top priority for enterprises," said Liran Grinberg, Managing Partner, Team8 Capital. "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."
"We are happy to welcome Team8, joining us in building the next category leader in the secrets management domain," said Yoav Tzruya, General Partner, JVP. "We’ve seen Akeyless demonstrate its value, providing a ubiquitous, zero-trust, secrets management as-a-service to large-scale customers over the last year. We believe that in joining forces with Team8 and the founders, we will be able to build Akeyless to its full potential as a dominant solution."
Akeyless was founded in 2018 by serial entrepreneurs Shai Onn, President; Oded Hareven, CEO; and Refael Angel, CTO.