Keyfactor Revenue, Valuation, Funding & Investors

Keyfactor is valued at $1.3B as of April 2021, a 13.0x multiple on its last reported $100M revenue.

Last Keyfactor valuation

$1.3B

Undisclosed stage · Apr 2021

Last Keyfactor funding round

$1B

Undisclosed stage · Jul 2026

Keyfactor revenue

$100M

Undisclosed stage · Apr 2021

Key investors in Keyfactor

  • Insight Partners
  • General Motors Ventures
  • Plymouth Growth
  • Summit Partners
  • Sixth Street
  • Generation Ventures

Keyfactor Overview

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

United StatesCleveland, OH

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$100M (Apr 2021)

Valuation

$1.3B (Apr 2021)

Keyfactor Valuation

Keyfactor is currently valued at $1.3B, based on its undisclosed-stage round in April 2021.

The $125M round was led by Sixth Street, with participation from Insight Partners.

Keyfactor valuation by funding round

Keyfactor valuation by funding round
DateStageValuationRevenue Multiple
Apr 2021Undisclosed stage$1.3B13.0x

Keyfactor Revenue

Keyfactor's latest recorded revenue is $100M, as of its undisclosed-stage round in April 2021. At a $1.3B valuation, that implies a 13.0x revenue multiple.

Keyfactor revenue by funding round

Keyfactor revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2021$100M$1.3B13.0xUndisclosed 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 $1.2B 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

Keyfactor funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2026Undisclosed stageSummit 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.
Apr 2021Undisclosed stageSixth Street (lead); Insight Partners$125M$1.3BKeyfactor, a Cleveland-based provider of identity-first security solutions for machine and human digital identities, simplifies public key infrastructure (PKI), automates certificate lifecycle management, and secures devices, workloads, and IoT endpoints to enable digital trust at scale. The company serves over 1,500 organizations facing rising demand for digital identity management in complex IT and IoT environments. In April 2021, Keyfactor secured a $125 million minority growth investment from Sixth Street Growth, with participation from existing investor Insight Partners, achieving an enterprise value of approximately $1.3 billion. This funding round marked a significant milestone, reinforcing Keyfactor's market leadership amid hypergrowth. The investment fueled expansion to capitalize on surging demand, with Sixth Street executives Bo Stanley and Alex Katz joining the board alongside Insight Partners' Thomas Krane. CEO Jordan Rackie highlighted the capital's role in sustaining innovation and customer focus, while investors praised the team's execution in machine identity management. Keyfactor demonstrated staggering traction with a three-year revenue CAGR exceeding 70% leading into the round, positioning it uniquely against cybersecurity peers. Previously, in 2019, Insight Partners backed a $77 million round and a merger with certificate authority PrimeKey. Sixth Street Growth, focusing on mid- to late-stage tech with cybersecurity bets like Kaseya and Nasuni, provided strategic acceleration for organic and inorganic growth.
Jan 2019Undisclosed stageInsight 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 2016Series BGeneral 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 2015Series BPlymouth Growth$1M--
Mar 2014Series APlymouth 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 Insight Partners, General Motors Ventures, Plymouth Growth, Summit Partners, Sixth Street and Generation Ventures.

Lead investors include Summit Partners, Sixth Street, Insight Partners, General Motors Ventures and Plymouth Growth.


Keyfactor Investors

Investors in Keyfactor by funding rounds participated
InvestorHQRoundsRoleFirst check
Plymouth GrowthUnited StatesAnn Arbor, MI2LeadMar 2014
Insight PartnersUnited StatesNew York City, NY2LeadJan 2019
General Motors VenturesUnited StatesWarren, NJ2LeadAug 2016
Generation VenturesUnited StatesSan Francisco, CA1ParticipantMar 2014

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Acquisitions by Keyfactor

Keyfactor has acquired 4 companies to date.

Last acquisition by Keyfactor was on May 13th 2025. Keyfactor acquired CipherInsights for undisclosed valuation.


Latest Acquisitions by Keyfactor

CipherInsights
InfoSec Global
PrimeKey
Redtrust
Description
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.
Redtrust is a Madrid-headquartered provider of digital identity solutions for certificate lifecycle management and electronic signatures. The platform centralizes PKCS#11 HSM integration for 500+ enterprises, ensuring compliance with eIDAS and protecting certificates from threats. Deployed in banks and governments across Europe and Latin America since 2013.
HQ CountryUnited StatesCanadaSwedenSpain
HQ City
Baltimore, MD
Toronto
Stockholm
Barcelona
Deal Date13 May 202513 May 202515 Apr 20212 Jul 2019
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Keyfactor Competitors

Keyfactor competitors include listed companies like Red Violet and Radware, and private ones like Trulioo, Devo, Horizon3.ai and Exabeam.

Public and private companies comparable to Keyfactor
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Red VioletUnited StatesUnited StatesPublicly listed$90M$24M$1.2B11.5x
TruliooCanadaVancouverPrivate--$1.8B-
DevoUnited StatesUnited StatesPrivate--$2B-
Horizon3.aiUnited StatesSan Francisco, CAPrivate$30M-$2B-
ExabeamUnited StatesSan Francisco, CAPrivate$100M-$2.4B24.0x
RadwareUnited StatesUnited StatesPublicly listed$302M$20M$1.2B3.2x

Keyfactor Public Comps

Keyfactor is still privately-owned, but its public comps include Eastcompeace Tech, Radware, Red Violet, Clarivate, DPtech, Secunet, CloudWalk, NSFOCUS, Progress Software and Amplitude.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Eastcompeace Tech$197M$26M4.9x-36.8x-
Radware$302M$20M3.4x3.2x52.8x21.8x
Red Violet$90M$24M13.0x11.5x49.2x31.2x
Clarivate$2.5B$829M2.1x2.2x6.3x5.3x
DPtech$182M$25M5.5x5.1x40.5x-
Secunet$528M$86M2.9x2.7x17.8x16.8x
CloudWalk$75M($75M)19.5x19.9x(19.5x)-
NSFOCUS$379M$37M2.7x2.5x27.5x27.0x

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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 April 2021.
How much funding has Keyfactor raised?Keyfactor has raised $1.2B 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, Insight Partners, General Motors Ventures, Generation Ventures, Sixth Street and Summit Partners.
What is Keyfactor's revenue?Keyfactor's latest recorded revenue is $100M (April 2021).
What is Keyfactor's revenue multiple?Keyfactor's latest valuation implies a 13.0x revenue multiple ($1.3B valuation on $100M of revenue).
Which companies are comparable to Keyfactor?Companies comparable to Keyfactor include Red Violet, Trulioo, Devo, Horizon3.ai, Exabeam and Radware.
How many companies has Keyfactor acquired?Keyfactor has acquired 4 companies, including CipherInsights, InfoSec Global, PrimeKey and Redtrust.

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