Axiad bags $25M more from Invictus to drive innovation in identity security

Axiad has secured $25 million in funding from Invictus Growth Partners, following a previous $20 million investment from the firm in 2021. The company says that the new investment will be used to drive product development, recruit additional staff, as well as support the company’s efforts to achieve Federal Risk and Authorization Management Program (FedRAMP) Authority to Operate (ATO). This latest funding round brings Axiad’s total capital raised to $45 million, to date.

“Axiad is a trusted leader in the identity security market, and this additional investment will drive continued innovation for our customers and the industry overall,” says John DeLoche, co-founder of Invictus and a member of Axiad’s board of directors.

“David has brought exceptional leadership, vision and new operating talent to the company, and we look forward to working with him to successfully execute on Axiad’s growth strategy.”

This funding news follows the company’s recent announcement that a federal agency has agreed to sponsor Axiad and its flagship product, Axiad Cloud, in the FedRAMP approval process. Axiad Cloud offers an authentication toolset for customers and federal agencies, which combines MFA, cloud-based public key infrastructure (PKI), and credential management using x.509 certificates and FIDO passkeys. Additionally, it is used for authentication across various identities and applications.

“According to an IDSA survey, 91 percent of organizations experienced an identity-based attack in 2024, and while multifactor authentication (MFA) has been around for decades, most implementations are weak and do not provide true phishing resistance,” adds David Canellos, CEO of Axiad.

“This latest funding round from Invictus further demonstrates its confidence in our mission in the identity security space, which is to enable enterprises and government organizations to deliver an identity-first zero-trust future through advanced authentication solutions, including phishing-resistant MFA, that will help better protect our rapidly growing customer base.”

Alex Au Yeung will join the company as chief product officer and Sergey Starzhinskiy as vice president of systems engineering.

Article Topics

Axiad  |  cybersecurity  |  digital identity  |  funding  |  identity access management (IAM)  |  investment  |  multifactor authentication  |  passkeys