Analysis
Infisical raised $40 million in Series B funding at a $600 million valuation on October 27, 2026, led by angel investor Elad Gil, the company announced.
## What Infisical does Founded in 2022 by three co-founders including Tony Dang and Maidul Islam, Infisical describes itself as "security infrastructure for developers and AI agents." Its core secrets-management platform is open source under the MIT license and can be self-hosted, while paid tiers are billed per identity — covering both human users and machine identities — with a separate per-user tier for privileged access management. Customers include Databricks, LG Electronics, UPS, Hinge Health, Lucid, Hugging Face, Writer and OpenRouter, per the company's own site.
## Infisical's funding history Infisical previously raised a $16 million Series A in June 2025, also led by Elad Gil, with Y Combinator, Gradient and Dynamic Fund participating alongside angels including Datadog CEO Olivier Pomel, Fortune reported at the time. The new $600 million Series B valuation marks roughly a 37x jump from that round in under 17 months — a pace that reflects investor urgency around AI-agent security more than a disclosed revenue multiple, since Infisical has not published its revenue. Combined, the two rounds bring Infisical's total disclosed funding to $56 million in under a year and a half, a fast seed-to-growth pace even by 2026's AI-infrastructure standards.
“Customers include Databricks, LG Electronics, UPS, Hinge Health, Lucid, Hugging Face, Writer and OpenRouter, per the company's own site.”
## Who invested in Infisical Elad Gil led both the 2025 Series A and this Series B, making him the company's most consistent backer across stages; Gradient and Y Combinator, both Series A participants, are named again among this round's investors, alongside unnamed others Infisical has not yet disclosed. Infisical's open-source distribution model — self-hostable under an MIT license — has been central to that growth story: enterprises can adopt the platform without a sales cycle, then convert to paid per-identity billing once they need centralized management across human and machine credentials at scale, a motion similar to how HashiCorp built early adoption of its Vault product before introducing enterprise tiers.
## AI agent security market and competitors The global secrets-management software market was worth $2.43 billion in 2025 and is projected to grow from $2.74 billion in 2026 to $7.86 billion by 2034, a 14.1% compound annual growth rate, per Fortune Business Insights. That growth is increasingly driven by AI agents that need their own credentials to act autonomously inside enterprise systems — the same risk TechCrunch reported this week, when Bank of America told customers not to share banking passwords with AI assistants. Infisical competes with incumbents like HashiCorp Vault and cloud-native secrets managers from AWS and Google, though none have yet disclosed a dedicated AI-agent security valuation to compare against Infisical's $600 million mark. Value Add VC's funding tracker shows AI-infrastructure security rounds have become one of 2026's more consistent funding categories alongside inference and agent-orchestration startups.
## The conversion question Infisical has not disclosed how much of its growth since the 2025 Series A comes from its open-source self-hosted base versus paid enterprise tiers; that split will determine whether the $600 million valuation reflects durable recurring revenue or early enterprise pilot deals that have yet to renew.
