Infisical Valuation, Funding & Investors

Infisical is valued at $600M as of October 2026.

Last Infisical valuation

$600M

Series B · Oct 2026

Last Infisical funding round

$40M

Series B · Oct 2026

Cumulative funding Infisical raised

$59M

across 4 funding rounds

Key investors in Infisical

  • Y Combinator
  • Gradient
  • Elad Gil
  • Olivier Pomel
  • TwentyTwo VC
  • Darian Shirazi

Infisical Overview

About Infisical

Infisical is an open-source secrets management platform that stores API keys, certificates, and database credentials with end-to-end encryption. Self-hosted or cloud-based from San Francisco, it supports Kubernetes secrets injection, role-based access, and audit trails. Used by 10,000+ developers, Infisical integrates with Terraform, GitHub Actions, and Docker for secure CI/CD pipelines.


Founded

2022

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$600M (Oct 2026)

Infisical Valuation

Infisical is currently valued at $600M, based on its Series B in October 2026. Read the announcement ↗

The $40M round was led by Elad Gil, with participation from Y Combinator, Gallery Ventures, Pace Capital, Gradient and Dynamic Capital.

Infisical's valuation has grown 24x from $25M at its seed round in July 2023 to $600M in October 2026, across 2 priced rounds.

Infisical valuation by funding round

Infisical valuation by funding round
DateStageValuation
Oct 2026Series B$600M
Jul 2023Seed$25M

Infisical Funding History

Infisical has raised a total of $59M across 4 funding rounds.

Infisical's first fundraising round was a $100K pre-seed round in April 2023. The most recent completed round was a $40M Series B in October 2026.

Infisical funding rounds

Infisical funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2026Series BElad Gil (lead); Y Combinator; Gallery Ventures; Pace Capital; Gradient; Dynamic Capital$40M$600MInfisical announced on 27 October 2026 that it raised a USD 40 million Series B at a valuation of USD 600 million, led by Elad Gil. Gil also led the company's USD 16 million Series A in June 2025, and the Series A backers included Y Combinator, Gradient Ventures and Dynamic Fund. The Series B brings total funding to nearly USD 60 million. Chief executive Vlad Matsiiako said the company will use the funding to build security infrastructure for developers, machines and AI agents. Infisical is a San Francisco-based open-source security platform founded in 2022 and led by chief executive Vlad Matsiiako. Its products cover secrets management, certificate management, privileged access management, key management and Agent Vault, which keeps real credentials outside an AI agent's environment. The company says it has more than 1,300 customers, from startups to large enterprises, and secures more than 10 billion secrets a day. Its open-source repository has about 30,000 GitHub stars.
Jun 2025Series AElad Gil (lead); Sanjit Biswas; Y Combinator; Antonio Gracias; Gradient; Dynamic Funds; Olivier Pomel$16M-Infisical is a San Francisco-based open-source company providing end-to-end encrypted secrets, identity, and access management solutions for developers and enterprises, helping manage sensitive data like API keys, SSH credentials, and certificates across infrastructure. It supports self-hosted and cloud deployments with features including RBAC, secret versioning, dynamic secrets, and integrations with AWS, GitHub Actions, and Kubernetes. The platform serves high-growth startups, Fortune 500 enterprises, and organizations in finance, healthcare, AI infrastructure, manufacturing, and the public sector. On June 6, 2025, Infisical raised $16 million in a Series A funding round led by Elad Gil, with participation from Y Combinator, Gradient (Google), Dynamic Fund, and angels including Olivier Pomel (CEO of Datadog), Sanjit Biswas (CEO of Samsara), and Antonio Gracias (CEO of Valor). The company, founded in 2022 by Vlad Matsiiako, Tony Dang, and Maidul Islam, has achieved over 40 million software downloads, more than 100,000 developers, and secures over 10 billion secrets per month. It launched PKI, KMS, and SSH access management solutions in the past year and became cash flow positive. Proceeds from the $16 million round will expand platform features across secrets, identity, and access management, deepen cloud and infrastructure integrations, develop AI security infrastructure, grow engineering and go-to-market teams in San Francisco and globally, and scale customer success and marketing to meet enterprise demand.
Jul 2023SeedGradient (lead); Erik Muttersbach; Y Combinator; Christoph Deckert; Siggi Simonarson; Viet Le; TwentyTwo VC; Andrew Miklas; James Hawkins; Paul Copplestone; Darian Shirazi$3M$25MInfisical is a San Francisco-based open-source secrets management platform that helps organizations manage secrets sprawl, including API keys, passwords, and certificates exposed in repositories. The company offers a dashboard for secrets across projects and environments, client SDKs, CLI, integrations with GitHub, Netlify, and Vercel, secret versioning, audit logs, and scanning. It generates revenue through SaaS cloud hosting and enterprise features for self-hosted versions. Infisical raised a $2.8 million seed round in July 2023 led by Gradient Ventures, with participation from Y Combinator, TwentyTwo VC, and angels including Darian Shirazi, James Hawkins, and Paul Copplestone. The post-money valuation reached $25 million. Funds were allocated to scale demand, expand product verticals like Infisical Radar, PKI, SSH, and KMS, and ensure reliable experiences. At the time, Infisical processed over 160 million secrets per month for startups, corporations, and governments, positioning as one of GitHub's fastest-growing open-source security projects. It had completed Y Combinator's winter 2023 program with $500,000 and made its first engineering hire from Red Hat. Competitors include GitGuardian, Entro, and Akeyless amid growing needs in multi-cloud and DevOps.
Apr 2023Pre-seedY Combinator (lead)$100K--

Who has invested in Infisical?

19 investors have backed Infisical across its funding rounds, including Y Combinator, Gradient, Elad Gil, Olivier Pomel, TwentyTwo VC and Darian Shirazi.

Lead investors include Elad Gil, Gradient and Y Combinator.


Infisical Investors

Investors in Infisical by funding rounds participated
InvestorHQRoundsRoleFirst check
Y CombinatorUnited StatesSan Francisco, CA4LeadApr 2023
GradientUnited StatesSan Francisco, CA3LeadJul 2023
Elad GilUnited StatesUnited States2LeadJun 2025
Sanjit BiswasUnited StatesSan Francisco, CA1ParticipantJun 2025
Erik MuttersbachGermanyBerlin1ParticipantJul 2023
Christoph DeckertGermanyMunich1ParticipantJul 2023
Siggi SimonarsonUnited StatesUnited States1ParticipantJul 2023
Viet LeGermanyMunich1ParticipantJul 2023
Gallery Ventures--1ParticipantOct 2026
Pace CapitalUnited StatesNew York City, NY1ParticipantOct 2026
TwentyTwo VCUnited StatesSan Francisco, CA1ParticipantJul 2023
Andrew MiklasUnited StatesUnited States1ParticipantJul 2023
Antonio GraciasUnited StatesChicago, IL1ParticipantJun 2025

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Infisical Competitors

Infisical competitors include listed companies like Progress Software and Intercede Group, and private ones like Descope, Bitdefender, Doppel and tray.io.

Public and private companies comparable to Infisical
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DescopeUnited StatesSan Francisco, CAPrivate--$500M-
Progress SoftwareUnited StatesUnited StatesPublicly listed$978M$302M$1.8B2.9x
Intercede GroupUnited KingdomUnited KingdomPublicly listed$23M$5M$114M3.4x
BitdefenderRomaniaBucharestPrivate--$600M-
DoppelUnited StatesLos Angeles, CAPrivate--$600M-
tray.ioUnited StatesSan Francisco, CAPrivate$70M-$600M-

Infisical Public Comps

Infisical is still privately-owned, but its public comps include DBAPPSecurity, Baudroie, Feitian Technologies, Sansec, Aura.com, Hanwang Technology Co, CANCOM, Beijing Huaru Technology, GB Group and Beijing VRV Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
DBAPPSecurity$323M$15M1.7x1.7x36.0x18.8x
Baudroie$111M$23M5.1x4.1x24.2x19.5x
Feitian Technologies$104M($4K)5.5x-(150259.5x)-
Sansec$83M($2M)5.8x5.0x(293.0x)(370.1x)
Aura.com$193M($155M)5.7x-(7.0x)-
Hanwang Technology Co$284M($14M)2.1x-(41.7x)-
CANCOM$1.9B$115M0.3x0.4x5.9x5.4x
Beijing Huaru Technology$45M($28M)9.4x-(15.3x)-

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Common questions about Infisical

When was Infisical founded?Infisical was founded in 2022.
Where is Infisical headquartered?Infisical is headquartered in San Francisco, CA, United States.
Is Infisical publicly listed?No, Infisical is a private, VC-backed company.
What is Infisical's valuation?Infisical was last valued at $600M in its Series B in October 2026.
How much funding has Infisical raised?Infisical has raised $59M across 4 funding rounds.
What was Infisical's last funding round?Infisical's last funding round was a $40M Series B in October 2026, led by Elad Gil.
Who are Infisical's investors?Infisical's investors include Y Combinator, Gradient, Elad Gil, Sanjit Biswas, Erik Muttersbach, Christoph Deckert, Siggi Simonarson, Viet Le, Gallery Ventures, Pace Capital and 9 others.
Which companies are comparable to Infisical?Companies comparable to Infisical include Descope, Progress Software, Intercede Group, Bitdefender, Doppel and tray.io.

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