Encryption management startup Keyfactor raises $1B+ in funding
Keyfactor Inc., a provider of software tools that help enterprises encrypt their data, has raised more than $1 billion from investment firm Summit Partners.
The company announced the deal on Monday. Keyfactor’s other institutional backers, which have invested more than $200 million in the company, are set to retain “significant” stakes.
A large company uses upwards of hundreds of encryption keys to protect its data. Keyfactor sells a platform called AgileSec that can automatically create an inventory of those encryption keys. It also identifies related cryptographic assets such as the software module with which a cloud application generates keys.
AgileSec flags issues that may enable hackers to bypass a company’s encryption. It can spot applications that don’t refresh their keys on a regular basis or generate them using a vulnerable algorithm. AgileSec also spots hardcoded keys, or keys that are embedded in a program’s source code. Such credentials are relatively simple for hackers to access.
