Axiad is looking to boost sales and accelerate the development of its passwordless authentication platform after closing a $20 million funding round with Invictus Growth Partners. John DeLoche and William Nettles, the Co-founders and Managing Partners of Invictus, will join Axiad’s board to help guide the company’s future growth.
This is the first time that Axiad has obtained funds from an external source. The company is best known as the developer of a cloud-based credential management solution that is intended to eliminate in the need for passwords at the enterprise level. In plain terms, that means that the solution consolidates all of an organization’s credentials in a single convenient location, making it easier to keep tabs on everyone (and every machine) that has access to a system.
The Axiad identity cloud platform is compatible with most forms of passwordless authentication, including biometrics, smart cards, mobile devices, and hardware tokens like YubiKeys. The Invictus funds will be devoted to marketing, sales, and to the future development of the Axiad platform.
“We have been bootstrapped and cash flow positive for more than 10 years, so taking outside capital was a big decision,” said Axiad Co-Founder and Co-CEO Yves Audebert. “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 provide enterprises with a policy-driven, automated passwordless experience.”
“Secure digital interactions are more important than ever,” added DeLoche. “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.”
The Axiad solution can be deployed in virtually any sector, including government, finance, and healthcare. The company itself is a long-time supporter of the FIDO2 authentication standard.