Axiad Gains $20 Million From Invictus to Expedite the Future of Cybersecurity — Passwordless Authentication

By McKenzie Carpenter Tuesday, February 2, 2021

Technology plays an integral role in our everyday lives. Companies like Axiad are able to succeed because of this ever-growing monster of an industry. As a result, this startup has had steady growth for the last ten years and continues to evolve with each round of financing.

A login screen on a computer.

What Is Axiad?

Axiad is a user-centric cybersecurity platform that services leading businesses and organizations across several major industries, including healthcare, finance, and government. This business has been an industry leader in multi-factor authentication for more than ten years. Furthermore, 2.5 million enterprise credentials are currently protected through this startup company.

The startup was founded by entrepreneurs Bassam Al-Khalidi and Yves Audebert in 2010 and is headquartered in Santa Clara, California. The two of them combined have more than 40 years of experience in the cybersecurity industry. Both of them have brought valuable knowledge to the company regarding developing, deploying, and managing identity and access management products.

The business is privately held and, therefore, there is no current information available on the net worth of the company. However, the cybersecurity industry is expected to grow to $208.28 billion by 2023 at a compound annual growth rate (CAGR) of 11.02%. The business is a leader in this industry, and it comes as no surprise that North America was the largest cybersecurity market in 2019. New York, California, Illinois, Virginia, and Texas lead the way in trends for multi-factor authentication. Furthermore, these states all feature some of the most populous cities in the US and hubs for government agencies.

Invictus Invests $20 Million

In the first round of outside financing for the startup, Invictus Growth Partners invested $20 million. The money raised from this financing round will go toward accelerating sales, marketing, and development of the multi-factor authentication program.

Co-founder and Managing Partner, John Deloche, at Invictus said, “At a time when secure digital interactions are more important than ever, Axiad's innovative platform addresses the pain points enterprises face with adopting and managing multiple credentials, providing a seamless experience for all users and use cases. We are honored to partner with Axiad on their mission to become the standard for passwordless authentication.”

The startup’s platform allows businesses to have every security credential in one safe, protected location. The company also provides a secure and easy passwordless experience, creating overall cohesive, safeguarded digital interactions for all companies who utilize the startup’s platform. Moreover, the business utilizes different biometrics, including PKI, Mobile MFA, YubiKeys, TPM, smart cards, and many others.

Audebert said, regarding the investment from Invictus, “Invictus proved to be the right partner for us, bringing not only capital but also a deep operating bench and a network to help us scale faster. We are excited to have them as partners as we continue to accelerate our vision of providing enterprises with a policy-driven, automated passwordless experience, without compromising on security.”

Final Takeaways

Startup company Axiad has been leading the cybersecurity industry for more than a decade, but with an investment from Invictus in the company, the business will be able to catapult its marketing and development even further.

About the Author

Headshot for author McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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