Multi-factor authentication can block 99.9% of cyberattacks and the market for these platforms is expected to reach nearly $30 billion by 2026.

Axiad Holdings, a startup that offers a single platform for companies to manage authentication credentials, is capitalizing on momentum in the authentication space. The company recently raised $20 million in funding from Invictus Growth Partners after bootstrapping for ten years. Unlike most startups, Axiad has been cash-positive since its inception.

What Does Axiad Holdings Do?

Axiad offers a full suite of credential and authentication products for enterprises. The company’s offerings include public-trusted public key infrastructure, peer authentication, tokens, passwordless credentials and biometrics.

The key to Axiad’s success is Axiad Cloud, a platform that enables companies to manage different permission structures for employees and serve as a one-stop shop for an organization’s credentials.

Source: Axiad.com

Traction and Future Growth

John DeLoche, co-founder and managing director at Invictus, noted that the flexibility of Axiad’s platform drove the firm’s decision to invest.

“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,” said DeLoche. “We are honored to partner with Axiad on their mission to become the standard for passwordless authentication.”

Biometric Update reports that hundreds of customers use Axiad’s platform, which currently secures more than two million organization credentials. Axiad plans to use its new funding and Invictus’s “deep operating bench” to scale quickly, according to Co-CEO Yves Audebert.

With multi-factor authentication companies like Okta ($37B market cap) and Duo (acquired by Cisco for 2.35B) also targeting the private sector and RSA SecureID Access serving public sector organizations, Axiad is in a space dominated by both legacy players and fast-growing tech companies. We will be watching the company closely to see how their new funding accelerates their growth in the years to come.

ABOUT THE WRITER

Quinn Barry is a Tech Innovation Fellow from Stanford University covering innovations in digital privacy across finance and government.

Contact Quinn Barry at quinn@identityreview.com.

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