MENLO PARK, Calif.--(BUSINESS WIRE)--Secret Double Octopus, the market leader in workforce passwordless authentication, today announced the successful raising of additional equity funding as part of the second tranche of its Series C.
SDO’s platform is being used by Fortune 500 companies to eliminate passwords from all employee workflows, and has received the support of prominent VCs, IAM market leaders, and industry analysts. In recent years the platform demonstrated its robustness in many high-scale deployments in complex IT environments. The addition of SBI, a key player in the Japanese financial sector, will bolster the company’s Go-To-Market strategy of leveraging partnerships globally. These new funds will be utilized to accelerate the delivery of the company’s solutions and services in new markets and verticals, thereby expanding the reach of its transformative passwordless authentication platform.
"We are thrilled to strengthen our partnership with Secret Double Octopus as they continue to transform security practices and employee experience in the largest companies out there," says Hirohito Suzuki, the Managing Director of SBI JI Innovation. "Their commitment to excellence and groundbreaking solutions positions them as a true innovator in enterprise security, and SBI Group is proud to support them in this exciting growth stage."
“An investment from a prominent investor like SBI represents a significant milestone and a strong endorsement of our platform,” says Raz Refaeli, Secret Double Octopus CEO and Co-Founder. “This funding will let us deliver our solutions to countless new customers who urgently need better, safer, and simpler authentication for their workforce. We are grateful and proud to receive this public support.”
Secret Double Octopus's approach to passwordless authentication has established it as a unique vendor that can transform employees' user experience and cut the cost of ownership in the most challenging enterprise IT infrastructures. The company's platform offers a seamless and uniform login flow to all employees, across all enterprise assets, on-prem and in the cloud. By using a myriad of patented technologies, all common standards and protocols, and deep integrations with other IAM vendors, the Octopus platform can uniquely address the intricate needs of customers across heavily regulated industries such as financial institutions, defense contractors, critical infrastructures, and government agencies, among others.
The recent C-round funding will expand Secret Double Octopus’ global partnership network, to answer the growing demand for next-generation authentication, particularly in sectors where phishing resistance is critical. These steps will expedite revenue growth for the company and allow it to achieve profitability in the near future.
Since its previous funding round, Secret Double Octopus has significantly expanded its presence among large enterprises worldwide, serving more than 700,000 employees daily and facilitating over a billion authentications annually.
About Secret Double Octopus
Secret Double Octopus is a leader in next-generation workforce authentication solutions. The Octopus platform enables organizations to bolster security while making the authentication experience seamless and universal for employees.
Secret Double Octopus’ solution is remarkably unique in 3 key areas: the range of enterprise use cases covered, ease of deployment on any infrastructure, and the customized transition options to being fully Passwordless. Fortune 100 enterprises and mid-sized companies use the Octopus platform to manage all employee authentications for better security, better productivity, and lower costs. The company has been designated a Gartner "Cool Vendor," named “Best-in-Class" Passwordless provider by AITE Group, and a 2023 SINET16 Innovator.
Learn more at www.doubleoctopus.com.
About SBI
Founded in 1999, the SBI Group is a comprehensive internet financial group that operates Financial Services Business, centering on securities, banking, and insurance, as the pioneer of internet-based financial services in Japan. The Group is committed to providing lower-cost and highly convenient products and services through the internet. In addition to its core financial services operations, the SBI Group also engages in Asset Management Business, Investment Business, Crypto-asset Business, and Next Gen Business on a global scale.
Learn more at https://www.sbigroup.co.jp/english/.
Read SBI Holdings’ concurrent announcement https://www.sbigroup.co.jp/english/news/pdf/2024/1028_a_en.pdf
