Software

Duo Security gets series B funding of $12 Million

September 26, 2014

Duo Security, which was started five years ago has developed as a leader in giving secure but easily usable two-factor authentication technology to its rapidly-growing number of business customers. The company, to aid its rise has raised $12 million in Series B financing from Benchmark and has also added its general partner Matt Cohler to the board.

Duo Security gets series B funding

Two-factor authentication is not a new thing. For the last couple of decades, Security-focused companies have made their employees use this technology while logging in to services and applications containing sensitive information. But the world is dynamic, as enterprises are wanting to adopt more and more cloud services, employees want enterprise solutions that are identical to the consumer applications which they use widely in their daily lives.

Although, enabling the two -factor authentication meant using inconvenient, hardware-based token authentication to make sure that a user was exactly the person they said they were. With due passage of time, even more two-factor authentication solutions have shifted to the cloud, that requires users to enter multi-digit codes that they receive via email or SMS.

In most cases, the solution is not ideal for a workforce that is shifting progressively to a bring-your-own-device model for availing business documents and applications. And with more organizations moving from on-premises storage and applications to cloud services, there is a need to keep a lock on sensitive data more than ever.

Duo Security hopes to remove those shifts in employee and enterprise behavior to offer two-factor authentication technology that is incredibly secure and also very easy to use. With the help of Duo Push authentication technology users can comfortably accept a mobile device and authenticate it with one tap via push notification. While Duo Push is an important differentiator for the company, it also aids more conventional forms of two-factor authentication, which includes hardware-based tokens and SMS pass codes.

But making the two-factor authentication accessible only matters to a customer only if it aids different types of applications and services. On this front, Duo Security favors wide number of accepted enterprise cloud apps such as Sales force, Microsoft Office, Google Apps, and Box. This can be used to log into enterprise VPNs or constructed into the company’s own domestic development or collaboration tools via APIs and a web SDK.

Duo hopes to increase sales and widen its engineering team with the new money. Duo Security has been accelerating at a fast pace, now aiding more than 5,000 business customers, all thanks to its huge support for a range of apps and its flexibility for business arrangements. In the technology world, those customers include giants like Facebook, Etsy, Box, Yelp, and Threadless, this is how the company was noticed by Benchmark’s Matt Cohler.

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Cohler is mostly known for his contacts with the consumer-facing enterprises like Facebook, Twitter, Instagram, and Yelp, but he has also invested in B2B companies like Zendesk, Domo, and Asana. The new funding comes exceeds the $5 million Series A round that had been handled by Google Ventures – Previous investors.

The two-factor identification system is a leading step for securing the very sensitive enterprise data. There is a big need to put a lock on the important information of the companies. Thus, this deal will really help to bridge the gap between employers and employees.

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This article is written by : Arshi Bansal