Venafi, a Salt Lake, UT-based provider of the machine identity protection solutions has now raised $100 Million in the funding round of financing. The round was led by the TCV with participation from the existing investors NextEquity Partners and QuestMark. As a part of the transaction, Jake Reynolds, TCV General partners, going to join as the Venafi’s Board of Director.
The company has plans to use the funds to accelerate growth. Apart from that, a $12.5 Million part of the investment will be made available for the third party developers in the first tranche of the New Machine Identity Protection Development Fund.
Venafi created a fund to accelerate the integration of the Machine identity intelligence into a wide range of machines in the enterprise and further enhance and expand the machine identity ecosystem. The fund will also allow the developers, which includes the system integrator, open source developers, consultancies, fast-moving startups, and the cyber-security vendors to apply for the sponsorship. This sponsorship will allow the recipients to build the integrations that deliver greater visibility, automation, and intelligence for the customers across any of the technology that creates or consumes machine identities.
The startup which is led by the Jeff Hudson. Venafi is a cyber-security company that protects and secures the cryptographic digital and keys certificates organizations depend on secure communications.
The company protects the machine identity types by orchestrating cryptographic keys and digital certificates for the TLS/SSL, Mobile, IoT, and SSH. This provides the global visibility of machine identities and the risks which is associated with them for the extended enterprises – on virtual, mobile, premises, cloud and IoT at machine scale and speed.
With having around more than 30 patents, Venafi delivers the innovative machine identity protection solutions for demanding, the security conscious Global 5000 organizations, including the top five US health insurers, the top five US retailers, top four US bank, and top five US airlines in each of the following countries: South Africa, Australia, US and UK.
“The team at TCV is excited about our partnership with Venafi,” said Jake Reynolds, general partner at TCV. “DevOps and Iot are driving growth in the number of machines thanks to cloud computing, virtualization, and the proliferation of connected devices. Venafi is well-positioned to provide the machine identity protection for enterprise machines, and we look forward to supporting the Venafi team as they continue to scale in this rapidly expanding market.”
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