Astrix Security, a leading provider of solutions for securing non-human identities, has announced that it has raised $25 million in Series A funding. The round was led by CRV, with participation from existing investors Bessemer Venture Partners and F2 Venture Capital. This latest investment brings Astrix’s total funding to nearly $40 million.
The funding comes at a time when the adoption of automation and generative AI initiatives is on the rise, leading to an increase in cyber attacks targeting non-human app-to-app connections. Recent high-profile attacks on companies such as CircleCI, Mailchimp, GitHub, Microsoft, and Slack have highlighted the need for stronger security measures.
Despite the financial instability in the market, Astrix has experienced exponential growth and momentum as a leader in securing this growing threat vector. The company has added several new customers to its roster, including Figma, Priceline, Bloomreach, and Rapyd. Additionally, Astrix was recognized as a finalist in the prestigious 2023 RSA Innovation Sandbox contest.
To support its continued expansion, Astrix plans to use the funding to grow its team in both the U.S. and Tel Aviv offices. This includes expanding its research team, which recently discovered GhostToken, a critical 0-day vulnerability in the Google Cloud Platform.
Astrix was founded with the goal of addressing a significant security gap by allowing security teams to extend access management and threat detection to the non-human identity layer. The company’s capabilities have become essential to security teams, and the funding will enable Astrix to further enhance its offerings and form new partnerships.
In today’s enterprise environment, there is a vast web of interconnected apps, with an average of 10,000 app-connections for every 1,000 employees. The increased use of AI-powered apps, which have seen a 1506% increase in downloads compared to last year, has further complicated the security landscape. Employees across departments often connect these apps without the knowledge of the security team, making it virtually impossible to have visibility and governance over every third-party connection.
While existing solutions focus on securing user-connections, Astrix stands out as the first solution to focus on securing app-connections. This approach allows enterprises to ensure that their core systems are securely connected to each other and to third-party services.
James Green, General Partner at CRV, highlighted the growing threat of third-party connectivity and commended Astrix for its innovative approach to securing non-human identities. He emphasized that Astrix gives unprecedented capabilities to manage the growing API-based third-party attack surface across all environments.
Amit Karp, Partner at Bessemer Venture Partners, praised the impact that Astrix has had on the industry and expressed excitement for the company’s future in protecting customers from supply chain attacks. Jonathan Saacks, Managing Partner at F2 Venture Capital, also noted the incredible progress Astrix has made and expressed confidence in its ability to be a vital security asset for businesses.
Astrix’s flagship product, the Astrix Security Platform, provides a comprehensive view of all non-human connections and identities within an organization. It offers visibility into internal and third-party integrations, as well as all access keys in use. The platform constantly analyzes behavior to detect anomalies that may indicate compromised access tokens and automatically addresses risky connections.
Founded in Tel Aviv in 2021, Astrix Security has quickly made a name for itself in the industry. Led by CEO Alon Jackson and CTO Idan Gour, both veterans of the Israel Defense Force 8200 military intelligence unit, the company has raised nearly $40 million in funding. In addition to CRV, investors include Bessemer Venture Partners, F2 Venture Capital, Venrock, and Kmehin Ventures.
The funding round represents a significant milestone for Astrix Security as it looks to further expand its customer base and solidify its position as a leader in securing non-human identities. With the increasing threats posed by cyber attacks, the company’s innovative solutions are poised to play a crucial role in protecting businesses and their valuable data.