Authentication solutions developer Nok Nok Labs has closed the second and final stage of its Series C financing round, having raked in about $8 million. That brings the total amount of Series C financing raised to $16.25 million.
The company aims to use the investment money for general growth, with an aim to expand sales and distribution infrastructure, fuel and meet growing demand from the APAC region, and continue R&D. The success of the financing round underscores both the credibility of Nok Nok Labs, which co-founded the FIDO Alliance, as well as the growing interest in advanced authentication technology, and particularly multi-factor solutions.
Notable investors in this round of financing include Japan’s DOCOMO Capital and Lenovo Group. NTT DOCOMO, the former’s telecom parent, has been a keen supporter of FIDO standards, and joined its board of directors a few months ago; it also selected Nok Nok Labs’ S3 Authentication Suite to power its first FIDO-certified authentication system. Lenovo, meanwhile, has been trying to revive the Motorola brand while also developing other smartphones that use biometric authentication technology as embedded fingerprint sensors increasingly become standard on mid- and high-end mobile devices, so it also has a vested interest in investing in security solutions developers like Nok Nok Labs.
DaouKiwoom Group, Thundersoft, ONSET Ventures, Raven Ventures, DCM Ventures, and other affiliates also helped to fuel the oversubscribed and very successful round of financing.