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Secret Double Octopus closes cloaked series C fundraise amid passwordless tailwind

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Secret Double Octopus closes cloaked series C fundraise amid passwordless tailwind
 

A series C round has been closed by Secret Double Octopus, maker of enterprise workforce Passwordless MFA authentication software.

SDO executives have not said how big the funding was, only saying that the company has raised $15 million since 2022.

Everyone involved might be swinging with the wind. A new market analysis by SNS Insider says the FIDO authentication market will grow 22.8 percent from 2023 to 2030. SDO is an associate level member in the FIDO Alliance.

The lead investor was Benhamou Global Ventures, founded by the man who taught Bill Gates about networking computers. Among those participating is KDDI, a corporate venture capital firm.

“Their passwordless technology has the power to significantly improve authentication security and ease of use while dramatically reducing costs for large organizations,” says BGV Founder Eric Benhamou.

SDO executives say they will use the new series to accelerate revenue growth and expand  their global partnership network. That network includes players in fingerprint biometrics.

In a prepared statement, Secret Double Octopus’ CEO, Raz Refaeli, said “With this capital infusion, we are poised to take our unique passwordless authentication technology to new markets.”

They say SDO performs 750 million authentications a year.

Of particular interest to the company is phishing-resistant authentication software that can be used by employees in conventional and hybrid employer premises.

The company also wants to raise its profile in IAM markets.

It could be a good time for SDO to spread its elbows. SNS claims its numbers show a market growing from $1.3 billion in 2022 to $6.72 billion.

Not jaw-dropping expectations, but they indicate a fertile field.

All the industry needs now is a monumental corporate shift from passwords and to FIDO authentication, something that has been anticipated for years.

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