FB pixel

Secret Double Octopus closes cloaked series C fundraise amid passwordless tailwind

Categories Access Control  |  Biometrics News  |  Trade Notes
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.

Article Topics

 |   |   |   |   | 

Latest Biometrics News

 

More US airlines, airports moving toward biometrics for security, baggage

From Denver to Salt Lake City to Dubai, biometrics and digital ID are being activated to improve security and efficiency…

 

Isle of Man govt plans public consultation on introduction of FRT at ports

The Isle of Man continues to debate the introduction of facial recognition and identity documents to boost security at its…

 

Scottish review calls for clearer standards for police in biometric data retention

The Scottish government, in partnership with the Scottish Biometrics Commissioner, has published a detailed review of biometric data retention practices…

 

North Korean mobile service apps rely on facial recognition

North Korean citizens are required to submit face biometrics to subscribe to mobile services through the official apps of North…

 

Integrated Biometrics, GripID release ‘smallest multimodal biometric device’

Shaped and sized like a modern TV remote or an early iPod Nano, the new multimodal biometric scanner from GripID…

 

Aware has parted company with CEO Robert Eckel

Robert Eckel is resigning as CEO of Aware. The Massachusetts-based biometrics company has filed a form with the United States…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events