Axis Security Bags $32M Round for Enterprise Work from Anywhere
October 2, 2020
Security secured $32 million in Series B funding led by Canaan
Partners, with participation from existing investors Ten Eleven
Ventures and Cyberstarts. Axis will use the funds to accelerate
growth and meet market demand driven largely by COVID-19 and the
work from anywhere (WFA) movement sweeping the globe. As part of the
funding round, Canaan Partners general partner Joydeep Bhattacharyya
has joined Axis Security's board of directors.
"Axis has quickly established itself with a differentiated, already
proven approach to the decades-old problem of securing application
access," said Bhattacharyya. "What has been most impressive to us is
how the company has moved quickly and met the opportunity since
coming out of stealth in March. It is a testament to the team and
the power of the Axis platform. The company is rising at the right
moment and we are humbled to become their partner at such a pivotal
The new funding will drive Axis' continued development of its Zero
Trust platform and expansion outside of North America, while
enabling further investment in go-to-market resources, including an
expanded channel program and team. Of note, the company today also
announced enhancements to its Axis Application Access Cloud™, as
well as integrations with leading security providers CrowdStrike,
Splunk and Okta.
Many organizations have quickly found securely connecting large
numbers of users to company data and apps, required by new WFA
policies, to be nearly impossible with traditional solutions such as
virtual private networks (VPNs). The Axis Security App Access Cloud
solves the issue of implicitly open network access with a modern
approach. It alleviates the pain points of network-based security
associated with VPNs which can be complex, agent-based, slow to
deploy and hard to manage, especially when providing access to
third-party supply chain partners, vendors, contractors and remote
employees at scale.
"Our approach is a proven game-changer for customers," said Dor
Knafo, co-founder and CEO of Axis Security. "We're solving one of
the most complex security challenges IT faces right now in rapidly
onboarding remote workers and third parties simply and securely.
Doing this at scale is proving to be far more difficult than many
organizations expected. We're giving IT teams a single, managed
solution for access, security, control and scalability without the
complexity and end-user headaches of what's available today."
"When it comes to application access for third parties, maintaining
a Zero Trust posture and having the ability to do continuous
security monitoring of every user, request and action is what
separates the Axis Application Access Cloud from legacy VPN
solutions," said Prabash Coswatte, CISO of leading Hispanic
supermarket chain Cardenas Markets.
Doll, founder and managing general partner of Ten Eleven Ventures,
stated, "Axis has quickly accelerated its growth with an innovative,
cloud-centric approach that reduces the management burden associated
with traditional VPN architectures. This technology is a win-win for
both IT and end users, easily and rapidly enabling many more kinds
of secure access use cases."
Gili Raanan, founder and general partner of Cyberstarts, said, "We
are thrilled to be early partners with Dor, Gil and their entire
team, all of whom are doing amazing work to disrupt the marketplace
at a time when it is ripe for transformational change. With Axis'
technology, we expect VPNs to be significantly displaced over the
next couple of years and that's why we are all in on Axis."
Founded by Knafo and Gil Azrielant, Axis has raised a total of $49
million. Ten Eleven Ventures led the Series A, while Cyberstarts led
the seed round, both announced in March 2020. Additional investors
included Dan Amiga, founder of Fireglass, and board member Michael
Fey, co-founder and CEO of Zero Abstraction and former president of
Symantec and Blue Coat.