“We are very pleased for our investors’ confidence in our vision, technology, team, and customer traction,” said Gopi Sirineni, CEO of Axiado. “This funding will enable us to grow our operations and productize our technology with partners as we are advancing our products to the cloud data center, 5G base station, network security, and IoT markets.”
Funding for the AI cybersecurity startup business was led by Orbit Venture Partners. Additional support for the AI startup company came from investor Dave Welch, founder of optical networking business Infinera. Co-founder of New Enterprise Associates Dick Kramlich and several other individual investors also participated in the Series B for Axiado. Since the last Series A funding round for the cybersecurity startup company in 2018, the business has raised a total of $33 million from investors.
Root of Trust Built From the Ground Up
Founded in 2017 by entrepreneur Axel Kloth, Axiado provides end-to-end digital infrastructure for data security. The startup business builds both a secure system on a chip (SoC) and a coprocessor powered by AI. Chips and coprocessors from the cybersecurity startup company sport cloud server-grade cryptography to authenticate data and ensure its confidentiality.
The hardware built by the startup business is bolstered by its AI software. Axiado secures computers, mobile devices, and servers with key management and machine, device, and user identity verification. AI from the startup company detects anomalies using behavioral analysis and subsequently blocks malicious attacks threatening the system. Servers can be managed remotely with solutions offered by Axiado. The cybersecurity startup company claims that its coprocessor uses “the world’s first per-system AI engine in hardware.”
“Unlike the currently available distributed point solutions, Axiado’s comprehensive security is good news to the digital infrastructure that is plagued by widespread, frequent and extremely costly security breaches like the recent SolarWinds hack against the Department of Defense,” said Welch.
Securing a Place in the Market
The cybersecurity industry is constantly growing due to our increased reliance on digital assets and infrastructure across numerous sectors. From ecommerce marketplaces to industrial monitoring equipment, data must be secured and authenticated. Market research projects the global cybersecurity industry to value over $304 billion by 2027 at a CAGR of 9.4%.
Axiado will find plenty of competition in the business. California startup company Bastille Networks Internet Security has raised $39 million from investors for its own security solutions. Even tech giant Microsoft is working alongside industry leaders Intel, Advanced Micro Devices (AMD), and Qualcomm Technologies on its own cybersecurity hardware, Microsoft Pluton. The industry is positioned for growth as hackers continue to overcome existing security measures, further encouraging innovation from companies like Axiado.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.