Secret Double Octopus secures $15M to invest in passwordless authentication for enterprises
Secret Double Octopus has secured $15 million in Series B funding to further develop its passwordless authentication technology and to promote remote access security for the enterprise workforce, the company announced.
“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, in a prepared statement.
The funding round was led by Sony Financial Ventures, KDDI, and Global Brain, but was also attended by prior investors Jerusalem Venture Partners (“JVP”), Benhamou Global Ventures, Liberty Media, Iris Capital and Yaniv Tal.
As weak or stolen credentials are actively exploited in hacking attacks, passwordless authentication has become a new possible solution to the threat, according to Secret Double Octopus.
Organizations need advanced technology to respond to threats caused by unsecured Wi-Fi networks and personal devices that access corporate networks. By no longer relying on passwords, companies can prevent credential theft, man-in-the-middle attacks, identity theft and phishing. Passwordless authentication could also cut down costs from helpdesk and password management.
“We see great value in the unique approach taken by Secret Double Octopus and are excited to be a part of this funding round along with other distinguished investors,” said Naoki Kamimaeda, Partner at Global Brain Corporation, in the statement. “We look forward to supporting Secret Double Octopus as it strives to eliminate passwords from user authentication and continues to secure enterprise remote access with its state-of-the-art, passwordless technology.”
“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. “SDO’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 the world leaders in identification, CASBs, VPNs, SSO and others, positions the company as a category leader.”
In October 2019, Secret Double Octopus received FIDO2 certification for its Octopus Authentication Server v4.0, including on-premises Active Directory support.