Infisical, a San Francisco security company that manages secrets, certificates and access for software teams, has raised a $40m Series B at a $600m valuation. The round was led by investor Elad Gil and announced on 27 October 2026.
Y Combinator and Gradient Ventures increased their investment, and Gallery Ventures, Pace Capital and Dynamic Capital also took part, according to the company's blog. The company did not disclose its revenue.
Gil also led Infisical's $16m Series A, announced in June 2025.
“You wouldn't give an employee unrestricted access to every system in your company, and AI agents shouldn't be any different.”Vlad Matsiiako, Co-founder and CEO, Infisical
What Infisical does
Infisical sells a platform for storing and controlling the secrets that software uses to reach other systems, such as passwords, API keys, certificates and encryption keys. It also handles privileged access, the higher-level permissions that engineers and administrators use.
Its core project is open source and has passed 30,000 stars on GitHub. The company says more than 1,300 customers and 300,000 developers use it, and that it secures 10 billion secrets each day. Named customers include Airbus, Volkswagen, Hugging Face, OpenRouter, Lucid, First American Financial, Wise and Clay.
Infisical was co-founded by chief executive Vlad Matsiiako. The company says it has been cash-flow positive for a long time.
The company says it was started on the idea that security and developer experience should not be at odds. Its blog lists LG and the US government among organisations using the product.
A vault for AI agents
Much of the new money is aimed at Agent Vault, a product that lets AI agents use sensitive systems without ever holding the underlying credentials. Companies are giving agents more access to code, databases and internal tools, and Infisical argues that handing them real passwords and keys creates a large security risk.
Matsiiako compared agents to staff, saying companies would not give an employee unrestricted access to every system. Gil said agents are becoming a new class of users inside every enterprise, and that securing their access will be one of the biggest cybersecurity challenges of the next decade.
The company says the figures it gave on customers and usage are its own and have not been audited.
What the money is for
Infisical will spend the money on product development, larger engineering and go-to-market teams, and more security infrastructure for AI agents. It will keep building its secrets, certificate and privileged access products alongside Agent Vault.
The company's blog says it is hiring for more than 100 roles across engineering, sales, marketing, product and design.
From Series A to Series B
Infisical's Series A in June 2025 raised $16m. The company did not disclose the valuation of that round, so the size of the step up to $600m is not known.
The new round was again led by Gil, and the company says Y Combinator and Gradient Ventures put in more money than before. Infisical did not say how much it has raised in total. Matsiiako's co-founders are named in the announcement only by their first names, Maidul and Tony.
Company website: infisical.com