Venafi Secures $100M Financing Round Led by TCV

New funding to accelerate growth and support new Machine Identity
Protection Development Fund

SALT LAKE CITY–(BUSINESS WIRE)–#Cybersecurity—Venafi^®,
the leading provider of machine identity protection, today announced the
closing of a $100 million round of financing, led by TCV with additional
participation from existing investors, QuestMark Partners and NextEquity
Partners. TCV
is one of the largest and most respected providers of capital to
growth-stage private and public companies in the technology industry and
has backed industry-leading companies, including Airbnb, Alarm.com,
Cradlepoint, Genesys, Netflix, Rapid7, Silver Peak, Splunk, Spotify and
Zillow. As part of the transaction, TCV general partner, Jake Reynolds,
joins Venafi’s board of directors.

The funding will be used to accelerate Venafi’s growth and to cement the
firm’s growing market leadership. In addition to fueling growth, $12.5
million 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 Venafi customers across any technology
that creates or consumes machine identities.

“Identity is the foundation of security,” said Jeff Hudson, CEO of
Venafi. “The cyber world is made up of machines, and all machines
require identities for the cyber world to be secure. As a society, we
understand the risks associated with human identity theft very well, and
we spend over $8 billion per year protecting human identities. However,
most organizations don’t yet understand the risks associated with
machine identities and, as a result, spend almost nothing to protect
them. This leaves our global digital economy at risk. TCV has a long
history of partnering with the world’s leading technology firms, so
we’re very excited about the opportunity to work with them. Their
investment and expertise will help us ensure that the world’s machines,
including hardware and software from smart machines, virtual servers,
applications, containers, and more, are connected, safe and secure.”

Just as usernames and passwords are used to identify and authenticate
humans, machine identities enable the trusted relationships between
machines that control the flow of sensitive data. Because machine
identities are poorly understood and often unprotected, they are subject
to being exploited by cybercriminals. The Venafi platform protects the
machine identities whose underlying technology is cryptographic keys and
digital certificates by providing unparalleled visibility, intelligence
and automation.

“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.”

With over 30 patents, Venafi delivers innovative machine identity
protection solutions for the world’s most 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.

For more information about the fund please visit: https://www.venafi.com/machine-identity-protection-fund

About Venafi

Venafi is the inventor and cybersecurity market leader in machine
identity protection, securing connections and communications between
machines. Venafi protects machine identity types by orchestrating
cryptographic keys and digital certificates for SSL/TLS, IoT, mobile and
SSH. Venafi 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. Venafi puts
this intelligence into action with automated remediation that reduces
the security and availability risks connected with weak or compromised
machine identities while safeguarding the flow of information to trusted
machines and preventing communication with untrusted machines.

For more information, visit: www.venafi.com.

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public
companies in the technology industry. Since inception, TCV has invested
over $10 billion in leading technology companies and has helped guide
CEOs through more than 115 IPOs and strategic acquisitions. TCV’s
investments include Airbnb, Altiris, AxiomSL, Dollar Shave Club,
EmbanetCompass, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy,
HomeAway, LinkedIn, Netflix, OSIsoft, Rent the Runway, Sitecore, Splunk,
Spotify, Varsity Tutors, and Zillow. TCV is headquartered in Menlo Park,
California, with offices in New York and London. For more information
about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Contacts

Venafi
Shelley Boose
shelley.boose@venafi.com
408.398.6987

TCV
Katja Gagen
kgagen@tcv.com
415.690.6689