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- Keyfactor
Keyfactor Revenue, Valuation, Funding & Investors
Keyfactor is valued at $1.3B as of October 2023. Keyfactor revenue was $200M, as disclosed with its July 2026 round.
Last Keyfactor valuation
$1.3B
Undisclosed stage · Oct 2023
Last Keyfactor funding round
$1B
Undisclosed stage · Jul 2026
Keyfactor revenue
$200M
Undisclosed stage · Jul 2026
Key investors in Keyfactor
General Motors Ventures
Plymouth Growth
Insight Partners
Summit Partners
Sixth Street
Generation Ventures
About Keyfactor
Cleveland-headquartered Keyfactor provides PKI and digital identity management for IoT and enterprise devices. Serving 1,000 clients like Ford and Phillips, it issues certificates for millions of endpoints via cloud and on-premises platforms. Acquired by Siris Capital in 2021, Keyfactor integrates with HashiCorp Vault and supports TLS 1.3 for zero-trust architectures. Its solutions secure supply chains in automotive and healthcare across 60 countries.
Founded
2001
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (Jul 2026)
Valuation
$1.3B (Oct 2023)
Keyfactor Valuation
Keyfactor is currently valued at $1.3B, based on its undisclosed-stage round in October 2023. Read the announcement ↗
The round was led by Sixth Street.
Keyfactor valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2023 | Undisclosed stage | $1.3B |
Keyfactor Revenue
Keyfactor's latest recorded revenue is $200M, as of its undisclosed-stage round in July 2026.
Keyfactor revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Jul 2026 | $200M | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Keyfactor Funding History
Keyfactor has raised a total of $1.1B across 6 funding rounds.
Keyfactor's first fundraising round was a $4M Series A in March 2014. The most recent completed round was a $1B undisclosed-stage round in July 2026.
Keyfactor funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Undisclosed stage | Summit Partners (lead) | $1B | - | Keyfactor secured over $1 billion in strategic growth funding on July 6, 2026, led by Summit Partners, with Insight Partners and Sixth Street Growth participating as existing investors who will maintain significant ownership. The transaction is described as a strategic investment rather than a traditional equity round, with Summit Partners' managing directors Andy Collins and Colin Mistele joining Keyfactor's board to provide direct oversight of the company's growth trajectory. The capital will be deployed to accelerate product innovation, facilitate geographic expansion, support team building, and pursue strategic acquisitions, positioning Keyfactor as a leader in trust infrastructure for the AI and post-quantum enterprise security market. Keyfactor builds a unified platform that discovers, issues, and manages digital certificates and other cryptographic credentials across enterprise environments, serving major enterprises across banking, retail, and government sectors. The company is based in Atlanta and Stockholm, operating as a cybersecurity software provider focused on machine identity and digital trust infrastructure. |
| Oct 2023 | Undisclosed stage | Sixth Street (lead) | - | $1.3B | Keyfactor announced on 24 October 2023 that it had secured a significant minority investment from Sixth Street Growth, the growth investing platform of Sixth Street, at an enterprise value of approximately $1.3 billion; the amount invested was not disclosed. Sixth Street joined Insight Partners, Keyfactor's existing majority investor, as a shareholder, and Sixth Street's Bo Stanley and Alex Katz joined the company's board. Chief executive Jordan Rackie said the capital would fuel the company's growth and that Sixth Street brought experience, financial strength and a strategic network. The company pointed to rising demand for managing machine identities, the looming threat of quantum computing to encryption and the rapid growth of connected devices as drivers of its market. Keyfactor, based in Cleveland, Ohio, provides identity-first security software for enterprises, covering public key infrastructure, certificate lifecycle automation and the security of devices and workloads. Its products are built on EJBCA, a widely used open-source public key infrastructure, and are used by more than 1,500 organisations. Keyfactor reported a three-year revenue compound annual growth rate of more than 70% ahead of the investment. Revenue comes mainly from software subscriptions. In July 2026 Keyfactor announced a further strategic growth investment of more than $1 billion led by Summit Partners. |
| Jan 2019 | Undisclosed stage | Insight Partners (lead); General Motors Ventures | $77M | - | Keyfactor provides identity-first security solutions for modern enterprises, focusing on securing non-human identities such as devices, workloads, APIs, PKI, certificate lifecycle management, and code signing to establish digital trust. In January 2019, Insight Partners led a $77 million growth funding round for Keyfactor, with participation from General Motors Ventures, enabling significant ARR growth and market success. CEO Jordan Rackie joined in June 2019 when ARR stood at $7 million. Keyfactor rapidly scaled its business, surpassing $100 million in ARR by February 2024, less than five years after Rackie's arrival, amid a surge in identity-based attacks and preparation for quantum-readiness. The company achieved unicorn status with a $1.3 billion valuation following a significant minority investment from Sixth Street Growth in October 2023, and has grown over 50% since then. Total funding raised across rounds reached approximately $429 million by later estimates. Keyfactor aims to exceed $250 million in ARR within four years or less, leveraging channel partners—targeting 35-40% of new logos through partners this year after starting from zero in 2022. The firm expanded its leadership team in 2024, promoting executives to Chief Customer Officer and Chief Marketing Officer to fuel hyper-growth. Industry observers recognize Keyfactor as a cybersecurity innovator in digital trust, competing in a large total addressable market. |
| Aug 2016 | Series B | General Motors Ventures (lead) | $4M | - | Keyfactor raised $5.4 million in its Series B round from March 2015 to August 2016, with General Motors Ventures listed among the tranche investors alongside Plymouth Growth Partners. The funding supported the company's rebranding and growth initiatives. Keyfactor provides machine identity management solutions, focusing on public key infrastructure and certificate lifecycle automation. |
| Mar 2015 | Series B | Plymouth Growth | $1M | - | - |
| Mar 2014 | Series A | Plymouth Growth (lead); Generation Ventures | $4M | - | Keyfactor raised $3.5 million in its Series A round in March 2014 from lead investors Plymouth Growth Partners and Generation Ventures. The funding aimed to scale sales and engineering following commercial traction, providing formalized growth capital from regional growth investors. This followed a $1 million seed round in 2009. Keyfactor, headquartered in Independence, Ohio, develops an information security platform for enterprise customers in sectors including financial, technology, and education. The company offers enterprise-ready software, managed security services, and security solutions focused on cybersecurity, PKI, and machine identity. Plymouth Growth Partners is a growth equity firm investing in B2B software, cybersecurity, and IT infrastructure companies to help them scale sustainably. |
Who has invested in Keyfactor?
6 investors have backed Keyfactor across its funding rounds, including General Motors Ventures, Plymouth Growth, Insight Partners, Summit Partners, Sixth Street and Generation Ventures.
Lead investors include Summit Partners, Sixth Street, Insight Partners, General Motors Ventures and Plymouth Growth.
Keyfactor Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Mar 2014 | ||
| 2 | Lead | Aug 2016 | ||
| 1 | Participant | Mar 2014 | ||
| 1 | Lead | Oct 2023 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Keyfactor
Keyfactor has acquired 5 companies to date.
Last acquisition by Keyfactor was on July 27th 2026. Keyfactor acquired Cofide for undisclosed valuation.
Latest Acquisitions by Keyfactor
| Description | Cofide is a workload identity platform that secures cloud applications and AI agents with cryptographic identity. The software replaces static secrets such as API keys and tokens with short-lived credentials based on open standards, and works across hybrid and multi-cloud environments. It targets the growing number of non-human identities that organisations struggle to track and rotate. The product is aimed at security and platform engineering teams, and the company maintains open-source projects on GitHub. Keyfactor has announced its intent to acquire Cofide, which would bring verified identity for AI agents and cloud workloads into its portfolio. | CipherInsights is a network security tool from Quantum Xchange that deploys lightweight sensors to monitor traffic and detect cryptographic threats in real time. The platform identifies weak encryption, misconfigurations, and protocol vulnerabilities across enterprise networks. Columbia, Maryland-headquartered Quantum Xchange provides CipherInsights as part of its quantum-safe cryptography solutions for financial institutions and government entities. | InfoSec Global is a Toronto-headquartered provider of cryptographic lifecycle management solutions for governments and enterprises worldwide. Founded in 2013, it offers hardware security modules and key management systems compliant with FIPS 140-2 and Common Criteria standards. The company's technology supports SSL/TLS protocols and AES encryption, with leadership holding patents on core cryptographic standards. | PrimeKey is a Stockholm-headquartered provider of public key infrastructure and applied cryptography solutions tailored for large-scale IoT deployments. The company develops EJBCA Enterprise, an open-source PKI platform used by over 2,000 organizations worldwide, and SignServer for digital signing operations. PrimeKey also offers hardware security modules and cloud-based PKI services through partnerships with AWS and Azure. Manufacturing occurs in facilities across Sweden and Germany, ensuring compliance with Common Criteria EAL4+ standards. Serving sectors like finance, government, and telecom, PrimeKey holds leadership in the global PKI market with deployments exceeding millions of certificates daily. | |
| HQ Country | |||||
| HQ City | London | Baltimore, MD | Toronto | Stockholm | |
| Deal Date | 27 Jul 2026 | 13 May 2025 | 13 May 2025 | 15 Apr 2021 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Keyfactor Competitors
Keyfactor competitors include listed companies like Red Violet and NSFOCUS, and private ones like Trulioo, Devo, Horizon3.ai and 9fin.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $90M | $24M | $1.1B | 9.8x | ||
| Private | - | - | $1.8B | - | ||
| Private | - | - | $2B | - | ||
| Private | $30M | - | $2B | - | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $381M | $37M | $1.3B | 3.3x |
Keyfactor Public Comps
Keyfactor is still privately-owned, but its public comps include NSFOCUS, Innodata, Radware, DPtech, Yubico, Riskified, Red Violet, Clarivate, Eastcompeace Tech and CloudWalk.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $381M | $37M | 3.5x | 3.3x | 35.7x | 35.2x | |||
| $252M | $47M | 4.4x | 3.2x | 23.8x | 14.8x | |||
| $302M | $20M | 3.5x | 3.2x | 53.6x | 22.1x | |||
| $183M | $25M | 5.0x | 4.6x | 37.1x | - | |||
| $226M | $19M | 5.6x | 5.2x | 67.7x | 32.8x | |||
| $345M | ($31M) | 2.7x | 2.3x | (29.8x) | 26.6x | |||
| $90M | $24M | 11.3x | 9.8x | 43.0x | 26.2x | |||
| $2.5B | $829M | 2.2x | 2.4x | 6.5x | 5.7x | |||
This data is available for Pro users. Sign up to see all Keyfactor competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Keyfactor
| When was Keyfactor founded? | Keyfactor was founded in 2001. |
| Where is Keyfactor headquartered? | Keyfactor is headquartered in Cleveland, OH, United States. |
| Is Keyfactor publicly listed? | No, Keyfactor is a private, VC-backed company. |
| What is Keyfactor's valuation? | Keyfactor was last valued at $1.3B in its undisclosed-stage round in October 2023. |
| How much funding has Keyfactor raised? | Keyfactor has raised $1.1B across 6 funding rounds. |
| What was Keyfactor's last funding round? | Keyfactor's last funding round was a $1B undisclosed-stage round in July 2026, led by Summit Partners. |
| Who are Keyfactor's investors? | Keyfactor's investors include Plymouth Growth, General Motors Ventures, Generation Ventures, Sixth Street, Summit Partners and Insight Partners. |
| What is Keyfactor's revenue? | Keyfactor's latest recorded revenue is $200M (July 2026). |
| Which companies are comparable to Keyfactor? | Companies comparable to Keyfactor include Red Violet, Trulioo, Devo, Horizon3.ai, 9fin and NSFOCUS. |
| How many companies has Keyfactor acquired? | Keyfactor has acquired 5 companies, including Cofide, CipherInsights, InfoSec Global, PrimeKey and Redtrust. |
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