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.
AgileSec collects data about a company’s encryption keys using so-called sensors, lightweight programs that it installs on employee devices, servers and other systems. The software prioritizes the risks that it finds based on factors such as the importance of the applications they affect.
Keyfactor helps organizations secure not only encryption keys but also other cryptographic assets, notably digital certificates. A digital certificate is a file that serves a similar role as a password but contains significantly more data. The technology is primarily used to establish encrypted TLS connections between devices and websites.
Practically every device that requires internet access contains a digital certificate. Hardware makers install it during manufacturing with the help of an external organization called a certificate authority. Such organizations issue digital certificates in response to developer requests and revoke them if there’s a cybersecurity issue.
Keyfactor offers a platform called EJBCA that enables companies to become certificate authorities. A manufacturer could use it to install certificates on upwards of millions of devices without the help of a third party. According to Keyfactor, EJBCA also lends itself to code signing. That’s a practice whereby developers cryptographically verify a software update to prove it hasn’t been tampered with.
EJBCA is available as a standalone software product, a cloud service and a data center appliance. The latter system includes a built-in HSM, or hardware security module. That’s a hardened device optimized to store sensitive cryptographic files.
Companies must occasionally renew their digital certificates. If a certificate expires, the website or code signing workflow that it powers can go offline. Keyfactor sells a software tool called Command Center that automates the renewal process to save time for developers.
“Unlike point solutions that address a single stage of the certificate lifecycle, Keyfactor offers an end-to-end platform spanning cryptographic discovery, issuance, and ongoing management,” said Summit Partners Managing Director Andy Collins.
Keyfactor will use the investment to hire more employees, build new features and grow its international presence. The company also plans to make acquisitions.
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