Infisical raises $40 million at a $600 million valuation to lock down secrets for AI agents

Infisical said Tuesday, Oct. 27, 2026, it raised a $40 million Series B at a $600 million valuation, led by Elad Gil, to expand its security platform as AI agents gain access to production systems.

Every AI agent that touches production needs keys, and handing an LLM your API key in a .env file is how security teams lose sleep. Infisical's bet is that the agent era turns secrets management from plumbing into a control point — the agent gets to use the credential without ever seeing it. Raising while profitable is a flex and a signal: the company thinks the market for "who is this agent and what is it allowed to touch" is about to get crowded, and wants to staff up before HashiCorp-style incumbents and the cloud giants fill the gap. The "headless chickens" line is the most honest description of agent security published this year.

Infisical said on Oct. 27, 2026, that it raised a $40 million Series B at a $600 million valuation. A Series B is a later private funding round. A valuation is the price this round puts on the whole company. The $40 million is the new money. The $600 million is the price on the whole company, not the check. Elad Gil led the round, doubling down since the Series A. Y Combinator and Gradient Ventures tripled down, the company's phrase for putting more money in. Gallery Ventures, Pace Capital, Dynamic Capital, and other investors participated. Those names and that price are from chief executive Vlad Matsiiako's post on the company blog the same day.

Matsiiako wrote that the company "didn't have to raise." He wrote that Infisical has been cash-flow positive for a long time, and that it has more money in the bank than it has ever raised. Cash-flow positive means more cash came in than went out. Those lines are his, on the blog.

Infisical makes secrets management, certificate management, and privileged access management software. Secrets management is where a company stores the keys that open its systems, passwords and API keys among them. An API key is a password a program uses. A certificate, here, is the digital ID that lets two machines trust each other. Privileged access is the extra-powerful login, the kind an administrator has. More than 1,300 organizations use Infisical, including LG, First American Financial, OpenRouter, Wise, and the U.S. government. The core open-source project passed 30,000 GitHub stars. A star, here, is a public bookmark on the code. Those figures and those names are Matsiiako's, on the blog.

The money goes toward those three products and a bigger push on Agent Vault. Agent Vault lets an AI agent reach a sensitive system without exposing the underlying credential. An AI agent, here, is software that takes an action, not only a chat reply. The key stays out of the agent's hands. That description is Matsiiako's.

Infisical is hiring for more than 100 positions, across engineering, sales, marketing, product, design, and other teams. That count and that list are the blog's.

Matsiiako's stated reasons for raising now: coding agents have increased the amount of code being produced by more than 10 times, and a lot of it is what he calls slop. More software means a larger attack surface, the set of places an attacker can try. He also wrote that AI agents are "running around like headless chickens," getting access to sensitive systems and taking actions that used to need a person's approval, often without proper oversight. A coding agent is an AI tool that writes software. Those lines are his, on the blog.

The picture is Infisical's official portrait of co-founder and chief executive Vlad Matsiiako, short dark hair, in a black crew-neck sweater, in a circular frame. The credit is Infisical.

In plain terms, Infisical said on Tuesday that Elad Gil led a $40 million Series B that prices the company at $600 million. The chief executive says the company was already taking in more cash than it spent, and that it is hiring for more than 100 jobs anyway, to push secrets management and Agent Vault. The 1,300 organizations, the 30,000 GitHub stars, and the "more than 10 times" line are the company's.