Password elimination startup Secret Double Octopus Ltd. has raised $15 million in a series B funding round, the company announced Wednesday. The Israel-based startup received investment from Tokyo-based Sony Financial Ventures, telecommunications provider KDDI Corporation, Japanese venture firm Global Brain Corp, and existing investors Jerusalem Venture Partners (JVP), Benhamou Global Ventures (BGV), European venture capital firm Iris Capital, Liberty Media Corporation, and early stage investor Yaniv Tal.
Founded in 2015, Secret Double Octopus offers a solution that replaces passwords with password-free authentication. The new round brings the company’s total funding raised to date to $22.5 million, according to Start-Up Nation Central.
“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.
“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”, said Yoav Tzruya, General Partner at JVP. “Secret Double Octopus’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.”