Israeli cybersecurity company Secret Double Octopus announced on Thursday that it received a strategic investment for an undisclosed sum from SC Ventures, the investment and ventures arm of UK-based international banking group Standard Chartered.
Earlier this year, the company raised $15 million in a Series B round with investors such as Sony Financial Ventures, KDDI, and Global Brain and Jerusalem Venture Partners (JVP), the company’s largest backer.
Founded in 2015, Secret Double Octopus works to address the rapidly growing need for passwordless authentication and remote-access security in enterprise environments. Its solutions allow companies to leverage biometrics, mobile devices, and security keys to protect company assets, enabling employees to forego a password when logging into workstations, cloud services, legacy applications, and other workplace tools.
“We are incredibly excited to have an international financial giant like Standard Chartered join us as an investor and advisor,” said Raz Rafaeli, co-founder and CEO of Secret Double Octopus. “This partnership demonstrates the trust our technology has gained in global organizations of the largest scale. SC Ventures is a beacon of fintech innovation, and we look forward to many years of collaboration delivering passwordless capabilities to the enterprise world.”
Alex Manson, head SC Ventures, said: “The changes in the way people work and communicate today require a shift in how organizations secure their employees and clients. We are thrilled to partner with Secret Double Octopus as they transform enterprise authentication standards, helping organizations like ourselves better manage their cybersecurity risks, while streamlining employee workflows.”