Nok Nok Labs announces close of $16.25M funding round
Nok Nok Labs announced that it has completed the second and final closing of $8 million in its Series C financing, successfully raising a total of $16.25 million.
In December, Nok Nok Labs raised $8.25 million in a Series C financing from new investors DDS Inc. and Raven Ventures, as well as existing investors DCM Ventures, Lenovo Group Limited and ONSET Ventures.
This latest overscribed financing round saw the addition of several new strategic investors, including DaouKiwoom Group from South Korea, DOCOMO Capital from Japan, and Thundersoft from China.
Additionally, the round includes existing investors DCM Ventures, Lenovo Group, ONSET Ventures and Raven Ventures and related affiliates.
Meanwhile, DaouKiwoom Group founder and executive chairman Ik-Rae Kim will join the Nok Nok Labs board of directors.
“We are very excited to partner with Nok Nok Labs in their next phase of growth,” said Sang-Joon Kim, SVP at Korea Information Certificate Authority, Inc. (KICA), part of the DaouKiwoom Group. “KICA is Korea’s leading digital and biometric authentication services provider and sees exceptional potential to change online authentication – especially in the South Korean market. We view this investment and partnership with Nok Nok Labs as strategic to this opportunity.”
Nok Nok Labs will use the money from this latest funding round to expand sales, support and channel infrastructure to support the growing customer pipeline, facilitate global opportunities and meet the growing demands in the Asia Pacific (APAC) region, and continue technology innovation around and beyond the FIDO specifications.
“This investment by DOCOMO Capital is strong validation for Nok Nok Labs as the first company to bring the FIDO Universal Authentication Framework (UAF) server to the market,” said Neil Sadaranganey, Managing Director at DOCOMO Capital. “We are big believers in the FIDO specifications to solve the current and future authentication needs of our customers. We continue to be very pleased with the NNL S3 Suite and look forward to a long-lasting partnership.”