Infisical, the San Francisco company behind an open-source secrets manager, said on October 27 that it had raised a $40 million Series B at a $600 million valuation, led by Elad Gil. Y Combinator and Gradient Ventures, both earlier backers, invested again, and Gallery Ventures, Pace Capital, Dynamic Capital and other investors also took part, the company said.
Infisical pitches the round as a bet on AI agents: software that writes code and touches production systems needs passwords and API keys, and Infisical wants to be where those are kept. The company also says it did not need the money.
Vlad Matsiiako, Infisical's co-founder and CEO, announced the round on X at 12:14 p.m. ET, framing it around what AI has done to the volume of code and to the number of systems agents can reach.
Post on X by @matsiiako
Today, we’re announcing Infisical’s $40M Series B at a $600M valuation, led by @eladgil. AI has made it 10x easier to write code, 10x easier to find vulnerabilities, and given autonomous agents access to some very sensitive systems. The problem is that much of today’s security infrastructure wasn’t built for any of this. We’re changing this with @infisical. Today, over 1,300 organizations trust us to secure their infrastructure, including Airbus, First American Financial, Hugging Face, OpenRouter, and Wise. Proud of what our team has built so far. Even more excited about what we have ahead of us. Back to work.
What Infisical sells
Infisical stores the credentials that applications and infrastructure use, such as API keys, database passwords and private keys, and hands them out to the services that need them. It also sells certificate management and privileged access management. Its core open-source repository had 30,183 stars on GitHub when SaasBuzz checked on October 31.
The product the round is meant to grow is newer. Infisical's Agent Vault, which its site says is "currently in preview" with features and pricing that may change, "gives AI agents access to HTTP services without letting them read credentials, and logs their actions." A proxy attaches the credential to each outbound request, so the agent never holds the key itself. The company's argument, in its own words: "Anything agents can read, they can leak."
Matsiiako founded Infisical in 2022 with Tony Dang and Maidul Islam, Fortune reported at the time of the Series A. In the Series B announcement the company names LG, First American Financial, OpenRouter, Wise and the US Government among its customers. Infisical does not give its revenue.
A round it says it did not need
"We didn't have to raise this round," Matsiiako wrote. "Infisical has been cash-flow positive for a long time, and we have more money in the bank than we've ever raised." He made almost the same point when the company announced its Series A in June 2025.
The money will go to secrets, certificate and privileged access management, to "significantly increase our focus on Agent Vault," and to hiring for "100+ positions across engineering, sales, marketing, product, design, and other teams," the company said.
Gil, who also led the Series A, wrote on X that he pre-empted this round.
Post on X by @eladgil
We were so excited about @infisical that we led their A & then pre-empted and led their series B
The round history
Date | Round | Amount | Lead |
|---|---|---|---|
July 2023 | Seed | $2.8M | Gradient |
June 2025 | Series A | $16M | Elad Gil |
Oct. 2026 | Series B | $40M | Elad Gil |
Sources: Infisical's seed, Series A and Series B announcements. Gradient is Gradient Ventures.
By SaasBuzz's arithmetic, the Series B is 2.5 times the size of the Series A and came about 17 months after it. The three announced rounds add up to $58.8 million, and the new valuation is about 10 times that sum. If the $600 million is a post-money figure, which the company did not say, the new investors bought about 7% of Infisical.
The step-up from the Series A cannot be calculated: neither Infisical nor Fortune gave a valuation for that round. Fortune reported then that the company said it had grown revenue 20 times over the previous year, without disclosing the revenue.
What it means for buyers of secrets management
Two older vendors in secrets and privileged access now belong to much larger companies. IBM completed its acquisition of HashiCorp, the maker of Vault, on February 27, 2025, at an enterprise value of $6.4 billion, and sells Vault through its automation software portfolio. Palo Alto Networks (NASDAQ: PANW) closed its purchase of CyberArk on February 11, 2026, a deal it valued at about $25 billion in equity when it was agreed. Nikesh Arora, its chairman and CEO, said at the close that AI agents "will require us to secure every identity."
Infisical's $600 million is about a tenth of HashiCorp's enterprise value in the IBM deal and about one forty-second of CyberArk's equity value. Infisical says the new money will make it easier for organizations to "move away from legacy tooling." For buyers deciding where agents' credentials should live, that sets an independent, open-source vendor against platforms they may already pay IBM or Palo Alto Networks for.
The stakes are in Infisical's own announcement: once attackers are in, it says, credentials "are often what they use to move deeper into infrastructure." In October, Binance said a compromised DevOps engineer's laptop may have let an attacker reach a service container that could submit withdrawals, and later said it had found other points of breach. Agent Vault is Infisical's answer for agents, and it is still a preview.
