Infisical, a startup that helps developers and companies securely store passwords, API keys, and other sensitive information, has raised $16 million in Series A investment. One of the company’s co-founders is Ukrainian Vladislav Matsiyako, who heads Infisical as CEO.
Infisical, a startup that helps developers and companies securely store passwords, API keys, and other sensitive information, has raised $16 million in Series A investment. One of the company’s co-founders is Ukrainian Vladislav Matsiyako, who heads Infisical as CEO.
According to Fortune, the round was led by renowned venture capitalist Elad Gil, and also included Y Combinator, Gradient Ventures, Dynamic Fund, Datadog CEO Olivier Pommel, and executives from Samsara and Valor Equity Partners.
This is the first large round of investment that a startup raises after the initial stage (pre-seed or seed). In Series A, the company already has a product, its first customers, and proves that its business model works. Investors provide money to help it scale — expand the team, product functionality, enter new markets, etc.
Infisical occupies a niche as a platform for managing secrets: passwords, access tokens, encryption keys, and other sensitive data that enable interaction between services, applications, and infrastructure.
«Secrets are the glue that holds modern software together. Without them, it is impossible to connect to a database, run an application, or give artificial intelligence access to resources,» explains Matsiako.
The company was founded in 2022 by three Cornell University students: Vladislav Matsiyako, Tony Dang, and Maidul Islam. Initially, they experimented with a VR marketplace, but in time they noticed the problem of securely storing secrets — and with it they got into the Y Combinator accelerator in 2023. Infisical was a closed SaaS service at the early stage, but users were slow to trust the product. The key turning point was the decision to open the source code: it provided transparency, attracted the attention of the Reddit community, and brought the first international contributors.
Today, Infisical is used by companies from a wide range of industries, from Hugging Face and Lucid to pharmaceuticals, banks, governments, and even mining companies. The team has expanded its functionality to include SSH key management, certificates, and integrations for AI agents that write code and connect to dozens of services in the ecosystem.
Infisical claims to be a profitable company with revenue growth of 20 times over the past year (specific figures are not disclosed). The program has been downloaded more than 40 million times worldwide. The secret management market is growing rapidly: in February 2024, IBM acquired HashiCorp, a major player in the industry, for $6.4 billion. Analysts predict that by 2030 the volume of this market will reach several tens of billions of dollars.
Investor Elad Gil explained his decision simply: «I look for products with strong demand. If a startup feels real traction from the market, it’s like positive gravity. In Infisical, it was obvious.»
We also previously wrote about the miltech startup from Kyiv, M-Fly. It presented a solution that allows drones to accurately hit targets even in the zone of active electronic jamming. The system works on the basis of laser guidance and has already been tested on the front.
