Axis Security raises $32 million in private funding round

JERUSALEM (Reuters) - Axis Security, a U.S.-Israeli startup that helps companies enable employees to safely connect to private applications, said on Tuesday it raised $32 million in a private funding round led by Canaan Partners.

Existing investors Ten Eleven Ventures and Cyberstarts also participated in the funding round and follows an initial fundraising of $17 million in March.

Axis, which aims to replace virtual private networks, said it will use the funds to accelerate growth, particularly outside of North America, and meet market demand driven largely by COVID-19 and a surge of employees working from home.

“We’re giving IT teams a single, managed solution for access, security, control and scalability without the complexity and end-user headaches of what’s available today,” CEO Dor Knafo said.

Axis is based in San Mateo, California, with its research and development in Tel Aviv.

Reporting by Steven Scheer