Infrastructure and asset management firm Axonius has raised USD 200 million at a valuation of USD 2.6 billion in an extension to its Series E funding co-led by returning investors Accel and Lightspeed Venture Partners, with participation from Stripes. This latest round brings its total external funding to nearly USD 600 million.

Axonius’ valuation remains flat from its initial Series E round, with the company having last raised funds in early 2022. Officials did not comment on the reasoning behind this flat valuation, though the company also reported reaching USD 100 million annual recurring revenue (ARR), a double-digit increase from its previous fundraise.

Axonius will utilize the funding to grow through acquisitions and build its cybersecurity platform.

The company offers a suite of solutions that help monitor and manage assets across the cloud, on-premises, and other services and applications. These solutions provide a snapshot of an organization’s network almost in real-time.

Analyst QuickTake: The flat valuation reflects a changing treatment of startup valuations by investors in new economic and financial conditions: in July 2023, Digital Privacy Tools disruptor, OneTrust raised USD 150 million at a reduced valuation despite doubling its ARR.