Secret Double Octopus has secured $15 million in Series B funding. The company plans to use the funds to continue to develop its passwordless authentication technology for the enterprise.
The Secret Double Octopus solution turns an employee’s phone into a physical security token to prevent unauthorized users from gaining access to the system. It also supports the use of biometric authentication during the login process. The Octopus Authentication Server received FIDO2 certification in October, and can be used to secure cloud and legacy applications, in addition to physical workstations and on-premises Active Directory systems.
“This investment is proof of the market need for our product,” said Secret Double Octopus Co-Founder and CEO Raz Rafaeli. “It is important to bolster security while increasing productivity by eliminating the hassle and costs associated with password management.”
Secret Double Octopus has already formed partnerships with Asigra and Okta in its efforts to deliver stronger enterprise security. The company’s latest round of funding includes prior investors like Jerusalem Venture Partners, Liberty Media, and Iris Capital, and adds new backers like Sony Financial Ventures, KDDI, and Global Brain.
“Turning enterprises to passwordless environments represents a dramatic shift in organizations’ cyber defense posture,” said JVP General Partner Yoav Tzruya. “SDO’s traction with enterprise customers, as well as mid-market demand, combined with the company’s open partnership approach, positions the company as a category leader.”