Vlad Matsiako in the works of secrets.
“If the secrets are not present, the programs cannot be operated,” said Matsiaco, CEO and founder of Infisical Company. “Data rules cannot contact each other. Developers cannot use any resources. The artificial intelligence agent cannot integrate with the entire ecosystem. Basically, the secrets are glue that connects everything. If there is no, there is no way for organizations to secure systems. They cannot really run things, they really do not work. The majority of weak offers are still these days.
The secrets refer to any sensitive information that protects and allows access to systems – thinking: passwords, encryption keys, API keys, and more. Infisical is a platform for managing secrets for developers and companies, as it offers technology to store vital accreditation data, change and recover it safely. Founded in 2022 by Matsiiako with Tony Dang and Maidul Islam, INFISICAL now raised a series A 16 million dollars, led by Elad Gil. Y Combinator, gradient, and the dynamic box, as well as angels such as the CEO of Datadog Olivier Pomeel, CEO of Samsara, and CEO of Valor Antonio Gracias.
The current Infisical customers include Face face, LG and LG. Initially, Matsiiako expected that he would often sell to technology companies, but he found that the non-technology sectors have been attracted to the producer-blocks, pharmaceutical companies, government, manufacturers and mining institutions that require infrastructure for large-scale software that requires secret management. Infisical expands its product wing over the past year, to things like certificates management and SSH KEY, and more.
“We are working with artificial intelligence agents now,” said Matsiaco, who was originally from Ukraine. “Currently, the largest growth field is all work burdens, agents and applications of artificial intelligence – participant, etc. They write a lot of code, but only can write code at the speed they get access to different databases and different resources.”
The works of secrets are great – Hashicorp, an operator, was sold to IBM for $ 6.4 billion in a completed deal in February. Most reports show that secret management is a growing market, worth billions of dollars by 2030. In the case of Infisical, the company said it is a positive cash flow and its revenues have grown 20 times during the past year. (I refused to start the revenue detection.)
“As an investor and founder, I am really looking for things where there is a strong market withdrawal,” said investor Elad Gil. “You can be sisyphus, the rocks spin difficult throughout the day. You can find something in which the rock is put down to some extent on its own-or at least, where the founder is really driving really hard, but gravity really helps. Building.”
There was, of course, moments when the Infisical team had to pay the rocks. Matsiiako, Dang and ISLAM met as students in Cornell and rotation through other starting start ideas – VR market, for one of them – before landing on the secrets. They faced a time crisis in merging the company: they just entered YC and international students, and they had visas to think about it. The name “Infisical” was born from this urgency, which is a mixture of “infinity” and “materialism” – to excite a wide and tangible thing.
Although the company has made rapid progress – the Infisical program was downloaded more than 40 million times worldwide in the past year – the first days were difficult. When they entered the Y Combinator boost in the winter of 2023, the Infisical InfiSical tool was a closed tool for managing the secrets of developers. The producer succeeded technically, but the team struggled to get attracted and gained user confidence. An explicit conversation with the YC Group partner and the administrative director of Dalton Caldwell changed everything.
“It is clear, there were YC (open source) success stories, such as Gitlab or Docker,” said Matsiako. “We were talking to Dalton, who worked with Gitellab and others. We were like: We hear that we needed to open this source, but what if we lost our IP rights? Dalton said:” Guys, this thing does not work. What are the intellectual property rights you are talking about?
The following week, the Infisical Technical Team opened. Viral gold, especially through Redit. They woke up the next morning for the users who tell them that newsletters for developers were displaying the project, a loss of advantages, and the first international shareholder.
“Now, people can see the code.” “They can see how encryption works. This is where confidence came.”
As it turns out, the secrets can only be shared with confidence.
IPO WI WI WRAPH …Thursday , The circle went publicly on the New York Stock ExchangeA collection of $ 1.05 billion. Today, Omaada Health is scheduled to be shown on the Nasdaq Stock Exchange, targeting one billion dollars. And not the public subscription, but “Wow”: Andrill is now valued at $ 30.5 billion. Read the story of my colleague Jessica Matthews here.
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This story was originally shown on Fortune.com
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