Secret Double Octopus, a renowned leader in enterprise workforce authentication, has successfully closed a Series C funding round.
The company, known for its innovative approach to Passwordless authentication solutions, has recently added another $15m to its capital, thanks to the recent equity round led by BGV. The funding round also saw participation from both new and returning strategic investors, including JVP, SCV & KDDI, highlighting the robust confidence in the company’s vision and market potential.
Secret Double Octopus is carving a niche in the Passwordless space, offering a highly secure and user-friendly authentication platform for the enterprise workforce. The company’s state-of-the-art solution is designed to facilitate a seamless Passwordless reality across organisations, catering to a diverse range of industries such as financial firms, defense contractors, and industrial manufacturing, among others. Leveraging patented technologies, the Octopus platform promises to revolutionise the traditional authentication processes, thereby enhancing the overall cybersecurity stance of enterprises.
The infusion of fresh capital is earmarked for accelerating revenue growth and expanding the company’s global partnership network. Secret Double Octopus is strategically positioned to tap into the burgeoning demand for robust, phishing-resistant authentication solutions, especially in sectors that heavily rely on on-premises and hybrid infrastructure.
Since its last funding round, Secret Double Octopus has seen exponential growth, marking its presence in numerous Fortune 500 companies worldwide. Currently, the company facilitates over 750 million authentications annually, serving hundreds of thousands of employees each day. This remarkable scale of operations underscores the company’s dedication to addressing cybersecurity challenges with innovative, user-centric technologies.
Secret Double Octopus CEO and co-founder, Raz Refaeli, shared his excitement about the company’s journey and the recent funding round, stating, “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.”
Echoing the sentiment, Eric Benhamou, founder and general partner at BGV, expressed his enthusiasm for the company’s potential, “We are excited to reinforce our partnership with Secret Double Octopus as they revolutionize authentication standards for the enterprise workforce.
“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.”
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