Venafi, a Salt Lake City, UT-based provider of machine identity protection solutions, closed a $100m financing.
The round was led by TCV with participation from existing investors QuestMark Partners and NextEquity Partners. As part of the transaction, TCV general partner, Jake Reynolds, joins Venafi’s board of directors.
The company intends to use the funds to accelerate growth. In addition, a $12.5m part of the investment will be made available to third-party developers in the first tranche of the new Machine Identity Protection Development Fund.
Venafi created the fund to accelerate the integration of machine identity intelligence into a wide range of machines in the enterprise and further enhance and expand the machine identity ecosystem. The fund will allow developers, including consultancies, systems integrators, fast-moving startups, open source developers and cybersecurity vendors to apply for sponsorship. This sponsorship will allow recipients to build integrations that deliver greater visibility, intelligence and automation for customers across any technology that creates or consumes machine identities.
Led by Jeff Hudson, CEO, Venafi is a cybersecurity company that secures and protects the cryptographic keys & digital certificates organizations depend on for secure communications.
The company protects machine identity types by orchestrating cryptographic keys and digital certificates for SSL/TLS, IoT, mobile and SSH. This provides global visibility of machine identities and the risks associated with them for the extended enterprise—on premises, mobile, virtual, cloud and IoT—at machine speed and scale.
With over 30 patents, Venafi delivers innovative machine identity protection solutions for demanding, security-conscious Global 5000 organizations, including the top five U.S. health insurers; the top five U.S. airlines; four of the top five U.S. retailers; and four of the top five banks in each of the following countries: U.S., U.K., Australia and South Africa.