Keycard Emerges From Stealth Mode With $38 Million in Funding

Keycard, a San Francisco-based company that provides identity infrastructure for AI agents, has emerged from stealth mode with $38 million in funding, raised over an $8 million seed round and a $30 million Series A round. The seed round was co-led by Andreessen Horowitz and Boldstart Ventures, while the Series A round was led by Acrew Capital, with additional support from Essence Ventures, Exceptional Capital, Mantis VC, Modern Technical Fund, Tapestry Ventures, Vermillion Cliffs Ventures, and angel investors.

Founded in 2025 by former Snyk and Okta senior leadership, Keycard has built an IAM platform that identifies AI agents, supports assigning permissions to them, and tracks all activity. The solution relies on cryptography to prove identity, ownership, and authorization of each agent, enforcing contextual access controls at runtime to provide organisations with increased visibility and control over each agent’s activities.

Keycard says its platform uses dynamic, identity-bound, and task-scoped tokens instead of static secrets and API keys to adapt policies without code changes. The company plans to use the new investment to advance its IAM platform for AI agents and expand its research and development team.