LoginRadius, a customer identity and access management company, has scored $17m in its Series A round of funding.
The round was led by ForgePoint Capital and Microsoft’s venture fund, M12. All of the company’s previous ‘major’ investors also took part in the round. These include Real Ventures, BDC Capital, and Yaletown Venture Partners.
As part of the transaction, ForgePoint Capital and M12 will join the board of directors of LoginRadius.
The company delivers customer identification tools to over 3,000 businesses to help keep inline with regulations like GDPR.
Its ID technology helps to verify a user when they are creating an account but also with following interactions via its risk-based authentication. This service monitors a user’s behaviour such as locations, past logins, and browser IDs to build a risk profile. If there is any activity which is flagged as out of character, the app will alert of potential malicious activity.
Some of the company’s clients include Weather Network, Vogue, Canadian Broadcasting Corp, Viacom, Avatar, and Kind Snacks. Its services have been deployed in a number of different channels including web, mobile, IoT, POS and kiosks.
Proceeds from the round will go towards product innovation, customer acquisitions and global expansion.
Over the past two years, the company has seen its annual growth triple, and has grown its operations with offices in Vancouver, London, San Francisco, Sydney, and Jaipur. The company hopes to double its workforce over the next year.
LoginRadius CTO and co-founder Deepak Gupta said, “Customer identity is at the intersection of security, digital business, and compliance. This requires significant expertise to build and maintain in-house, resulting in an extended go-to market time. LoginRadius provides the answer to this critical challenge with its out-of-the-box solution.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
