Secret Double Octopus, a global leader in password-free authentication, announced Thursday in a press release that it has raised $15 m., entering a Series B financing round and exiting the startup stage. Series B refers to the second round of funding through investment from private equity and venture capitalists.
The company, known for remodeling employee authentication and using biometrics, mobile devices, and FIDO security keys to protect company assets, participated in a financing round that included Sony Financial Ventures, KDDI, and Global Brain, in addition to prior investors Jerusalem Venture Partners, a major investor in cyber-secuirty, Benhamou Global Ventures, Liberty Media, Iris Capital and Yaniv Tal.
The Octopus Authentication Server, its central network, allows employees to skip the password stage when logging into workstations, cloud services, applications and other devices. The development of Secret Double Octopus comes amid an increasing demand from companies to secure wireless networks and preventing hacking on corporate networks and assets. Accordingly, the company suggests that the elimination of passwords will help prevent credentials theft, Man-in-the-middle attacks, identity theft, phishing and other forms of popular hacking methods and cyber-crime.
Naoki Kamimaeda, Partner at Global Brain Corporation, said “we see great value in the unique approach taken by Secret Double Octopus and are excited to be a part of this funding round along with other distinguished investors. We look forward to supporting Secret Double Octopus as it strives to eliminate passwords from user authentication and continues to secure enterprise remote access with its state-of-the-art, passwordless technology.”
Yoav Tzruya, General Partner at JVP, also highlighted the milestone, saying that "turning enterprises to passwordless environments represent a dramatic shift in organizations’ cyber defense posture, limiting dramatically some of the world’s most threatening attack vectors. SDO’s traction to-date, with both enterprise customers, as well as mid-market demand, combined with the company’s open partnership approach, teaming up with world leaders in Identity Management, CASB, VPN and SSO verticals, positions the company as a category leader."
"This investment is further proof of the market need for our innovative product. It is now more important than ever to implement simple, fast solutions like ours that bolster security while simultaneously increasing employee productivity by eliminating the hassle and costs associated with password management," said Raz Rafaeli, CEO and Co-Founder of Secret Double Octopus.