Passwordless authentication platform Secret Double Octopus has secured $15m in its Series B round.
Funding from the round came from Sony Financial Ventures, KDDI and Global Brain. Previous Secret Double Octopus backer Jerusalem Venture Partners also contributed to the round.
The cybersecurity company uses “phone-as-a-token” technology to prevent unauthorised platforms accessing systems and conducting identity theft. The technology enables employees to access workstations, cloud services, legacy applications and other workplace tools without the need of remembering a password.
According to data from IBM, data breaches costs organisations an average of $3.92m per incident. Furthermore, Verizon’s 2017 Data Breach Report claimed that 81% of hacking incidents were due to weak or stolen credentials.
With a lot of the world’s population working from home at the moment, Secret Double Octopus believes it is important to remove passwords to better combat phishing, identity theft and other attack types.
JVP general partner Yoav Tzruya said, “Turning enterprises to passwordless environments represent a dramatic shift in organisations’ cyber defence posture, limiting dramatically some of the world’s most threatening attack vectors.
“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 world leaders in Identity Management, CASB, VPN and SSO verticals, positions the company as a category leader.”
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