Security News > 2021 > January > Passwordless Authentication Provider Axiad Raises $20 Million
Axiad, a provider of a cloud-based passwordless authentication solutions, has raised $20 million in growth funding from private equity firm Invictus Growth Partners.
According to Yves Audebert, co-founder and co-CEO of Santa Clara, Calif.-based Axiad, the company has been bootstrapped and cash flow positive for more than ten years, with the company saying it protects more than 2.5 million enterprise credentials for hundreds of customers.
Axiad helps customers enable the passwordless experience for popular enterprise authentication methods, including biometrics, PKI, Mobile MFA, YubiKeys, TPM, smart cards, and others.
Just last month, Beyond Identity, who is also on a quest to eliminate passwords, announced a $75 million Series B funding round, bringing the total investment in the company to $105 million.
According to Jim Ducharme, Vice President of Identity Products at RSA, the future is passwordless.
"That's the inevitable conclusion I think more and more people are reaching as we watch passwordless standards become more firmly established and passwordless authentication methods grow in number and sophistication," he wrote in a late 2019 SecurityWeek column.