Cybersecurity platform Duo Security has closed a $70m Series D investment round led by Meritech Capital Partners and Lead Edge Capital.
The investment puts the company valuation to around $1.17 billion.
Other contributions to the round came from new investors into Duo Security including Geodesic Capital and Index Ventures, as well as Redpoint Ventures and True Ventures. Workday also participated in the round alongside forming a new strategic partnership.
Texas-based Duo Security is a cybersecurity platform that helps companies to verify their users and the health of their device, before giving them access to their applications. The platform ensures that any corporate or personal device trying to access a business’ device is not a threat.
The solution is used across financial services to help keep financial data and online transactions are safe. Other sectors using the product are retail, education, technology, federal, healthcare, and legal.
This new line of equity will help the company further develop its solution, expand its global reach and boost its position in the industry.
Duo Security CEO Dug Song said, “Cybersecurity has become the biggest geopolitical problem of our time. We are at a point where every organization in every industry is challenged with the overwhelming cost and complexity of securing a modern workforce.”
Following the transaction, Lead Edge Capital operating partner Lorrie Norrington will join Duo Security’s board of directors, while Meritech co-founder Rob Ward will join as a board observer.
Alongside the new capital injection, Duo Security announced it has issued its services to more than 10,000 customers, helping to protect over 300 million logins each month.
This latest wave of funding brings total capital raised to around $119m, with the company raising a $2.5m funding round. The firm also closed a $30m Series C round in 2015, after contributions from Benchmark and Google Ventures.
Earlier in the year Meritech took part in digital identity management company ForgeRock’s $88m Series D.
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