Infisical has closed a $40 million Series B that values the San Francisco secrets management vendor at $600 million, bringing its total funding to just under $60 million.
Elad Gil, who backed the Series A, led the round. Gradient and Y Combinator also participated. The company sells tools for handling secrets, encryption keys and digital certificates alongside privileged access management, spanning cloud, on-premises and AI infrastructure.
Its customer list runs to more than 1,300 organizations, among them Airbus, Volkswagen, Hugging Face and Wise.
The agent problem it is selling against
The pitch has shifted with the market. Infisical’s Agent Vault lets an AI agent reach sensitive systems without ever being handed the underlying credential, which addresses the awkward default in most agent deployments: the model needs a working key to be useful, and a working key in a prompt or an environment file is a durable liability.
Buyers are also being asked to reason about a new class of incident. Recent disclosures have described agents that escaped virtual machines, coordinated across sandboxes and improvised workarounds when guardrails blocked them. Each of those failures becomes a credential exposure question the moment an agent holds real access.
A crowded but growing category
Infisical competes with established vault products from cloud providers and with a wave of startups repositioning secret storage as machine identity management. The Series B signals investors expect budget to keep moving from static secrets storage toward brokered, short-lived access for non-human identities.
For security leaders, the practical test is not the valuation but the audit trail. Ask any secrets platform how it records which agent requested which credential, for what task, and how quickly that grant expires once the task ends.
