Secret Double Octopus, the market leader in Passwordless solutions for the enterprise workforce, announced today the successful closure of a Series C funding round. Since 2022, the company has raised another $15 million in capital, including this most recent equity round led by BGV. The investment, which has the backing of both new and existing strategic investors including JVP, SCV & KDDI, will help the company satisfy the increasing demand for its workforce-centered Passwordless authentication solution.
Secret Double Octopus’ innovative approach to workforce authentication has positioned it as a technology leader in the Passwordless space and a strategic player in the larger IAM market. The company’s authentication platform enables an enterprise-wide Passwordless reality for employees and IT teams at a high scale and in a wide range of verticals such as financial firms, defense contractors, local and municipal governments, industrial manufacturing, and other heavily regulated industries. Its unique Passwordless solution leverages several patented technologies to offer a secure and seamless user experience while enhancing the overall cybersecurity posture across the enterprise.
The funds from this latest round will be used to accelerate revenue growth and expand the company’s global partnership network. Thus, Secret Double Octopus aims to capitalize on the growing need for modern phishing-resistant authentication solutions for the workforce, especially where heavy reliance on on-premises and hybrid infrastructure is a necessity.
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Since its previous funding round, Secret Double Octopus has significantly scaled its presence in many Fortune 500 companies across the globe, serving several hundreds of thousands of employees daily, and facilitating more than 750 million authentications annually. This trend encourages the company’s commitment to solving cybersecurity challenges through user-friendly, cutting-edge technologies that align with industry trends and position it as a prominent innovator in the IAM market.
Raz Refaeli, Secret Double Octopus’ CEO and Co-Founder, expressed enthusiasm about the company’s trajectory and the support received from investors: “This funding round marks a significant milestone for the company. We are grateful for our investors’ trust and confidence in our vision. With this capital infusion, we are poised to take our unique Passwordless authentication technology to new markets and bring unparalleled value to enterprises worldwide.”
“We are excited to reinforce our partnership with Secret Double Octopus as they revolutionize authentication standards for the enterprise workforce,” said Eric Benhamou, Founder and General Partner at BGV. “The company pays testament to our cross-border investment strategy, and their Passwordless technology has the power to significantly improve authentication security and ease-of-use while dramatically reducing costs for large organizations.”
As organizations increasingly recognize the importance of securing their digital assets without hindering employees’ workflows, Secret Double Octopus is better positioned than ever to meet these challenging demands. The Series C funding announced today will enable the company to keep investing in its trailblazing R&D and massively scale its global distribution network and market presence.
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