Axonius, a New York City-based cybersecurity asset management company, announced today it raised $20 million in a Series B funding round led by venture firm OpenView.
This round, which brings the company’s total funding to $37 million, comes on the heels of a 400 percent increase in annual recurring revenue.
The funds, according to Axonius CEO and co-founder Dean Sysman, will go toward expanding the company’s team, product line and sales and marketing initiatives.
“We’ve already doubled the company since the beginning of the year, and we’re looking to double it again in the next year,” Sysman told Built In. “By the end of 2020, there will be 30 to 50 people in New York we’d want to hire.”
Axonius wants to be a home for New York City's tech talent, he added. New additions will include sales, marketing, business development, finance and operations professionals.
“New York City is an amazing space for cybersecurity startups. Everything around the cybersecurity startup community in NYC is up and coming, and we’re looking forward to being a a member of this community,” Sysman said.
Tuesday’s round will help the company connect with top talent and continue to grow.
Axonius helps customers like the New York Times, Schneider Electric and Landmark Health keep tabs on their assets, devices and users and adhere to cybersecurity best practices. This may include identity asset management, anti-phishing, threat-hunting, vulnerability management and patch management.
Cybersecurity has long posed a challenge for large organizations, as geographic reach makes it tough to track assets and enforce security policies. Axonius helps companies maintain cyber hygiene through a platform that connects directly to more than 135 security and management tools, and it’s the first in the cybersecurity space to do so.
“It’s amazing and frightening at the same time,” Sysman said. “It’s amazing because we understood very well something that is a huge problem for a large amount of organizations and teams that nobody was addressing in a way that aims at solving the solution well. And we’re frightened because now we understand we have a responsibility to our investors, our employees and, most of all, our customers. We have to provide that solution for them as quickly and as good as possible.”
Axonius was named this year’s “Most Innovative Startup” by RSA Conference.
OpenView partner Mackey Craven joined the Axonius board of directors following this latest round of funding. Other Series B contributors include existing investors Bessemer Venture Partners, YL Ventures, Vertex, WTI and Emerge.