- The fundraising round was headed by growth equity company PSG, with current investor Battery Ventures also participating.
- The latest funding round for Bitwarden will allow the firm to extend its go-to-market operations.
Bitwarden Inc, the creator of a popular open-source password manager, announced that it had secured USD 100 million in an additional investment round.
The fundraising round was headed by growth equity company PSG, with current investor Battery Ventures also participating.
Santa Barbara, California-based Bitwarden provides a password manager with the same name that millions of consumers employ. The firm distributes the software for free under an open-source license and sells versions with more advanced capabilities. Bitwarden also offers an enterprise version of its password manager, which according to the startup, has been adopted by tens of thousands of businesses.
Bitwarden’s consumer version enables users to store passwords and other sensitive information, such as credit card numbers, in a safe software environment. Bitwarden saves users time by entering passwords into application login menus automatically. The platform also offers a variety of other services, including password-generation tools.
Bitwarden’s corporate edition adds a supplementary set of security features. According to the business, its program identifies employee passwords susceptible to being guessed by hackers and alerts managers. A built-in monitoring tool collects information on how users interact with a company’s Bitwarden deployment to facilitate the detection of potentially harmful activities.
Typically, large enterprises utilize many cybersecurity tools to safeguard their applications. Bitwarden is compatible with various third-party security tools, including single sign-on software. Single sign-on technology enables employees to log in to several work apps simultaneously, enhancing the user experience and simplifying some cybersecurity chores for administrators.
The latest funding round for Bitwarden will allow the firm to extend its go-to-market operations. Simultaneously, it plans to expand the feature set of its platform.
The business intends to invest in capabilities that will make it simpler for software developers to maintain secrets or sensitive application data. Examples of an application’s secrets include the encryption key used to secure user data. Bitwarden identified password logins as an additional area of emphasis on its product development strategy.
Bitwarden Chief Executive Officer Michael Crandell said, “You will also see Bitwarden expand those efforts into areas such as passwordless, with new login options between Bitwarden clients, and developer solutions, to assist in the expansion of developer cloud deployments so prevalent today.”
Less than a year has passed since Bitwarden’s rival, 1Password, a Toronto-based business incorporated as AgileBits Inc, secured USD 620 million from investors. Similar to Bitwarden, 1Password’s business plan focuses on providing developers with cybersecurity solutions. Alongside its main password manager, the business offers a tool called Secrets Automation that developers can use to handle application secrets.