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

Infisical just handed the market a very golden number. The security startup announced Tuesday that it raised a $40 million Series B at a $600 million valuation, led by Elad Gil, who also backed the Series A. Y Combinator and Gradient Ventures returned, and Gallery Ventures, Pace Capital and Dynamic Capital joined in.

Infisical says it will significantly increase its focus on Agent Vault, which lets AI agents access sensitive systems without exposing the underlying credentials. It is also hiring for more than 100 positions across engineering, sales, marketing, product, design and other teams.

The numbers behind the pitch: more than 1,300 customers and 300,000 developers, 10 billion secrets secured every day, and an open-source project past 30,000 GitHub stars. Named customers include Airbus, Volkswagen, Hugging Face and Wise. Infisical also says it has been cash-flow positive for a long time and has more money in the bank than it has ever raised. The announcement gives no revenue figure and no Series A valuation.

The context: the company says coding agents have increased the amount of code being produced by more than 10x. CEO Vlad Matsiiako describes the risk this way: "Agents are running around like headless chickens inside companies."

My take: investors are paying a premium for the lock on the door, not the agent walking up to it. Cash-flow positive, with a bank balance larger than its funding history? That is a very good look.