Israeli startup Secret Double Octopus, developer of an enterprise user authentication tool that doesn’t require passwords, has raised $15 million in Series B funding. Sony Financial Ventures, KDDI and Global Brain joined as new investors, while Jerusalem Venture Partners, Benhamou Global Ventures, Liberty Media, Iris Capital and Yaniv Tal invested again.
The funding will help the Tel Aviv-based startup meet a “rapidly growing need” for remote-access security, especially as enterprise employees are working from home during the coronavirus pandemic.
In a press release, Secret Double Octopus (SDO) cites a twofold benefit of passwordless authentication. First and foremost, the method is more secure; there are no credentials to steal, which protects enterprise data and lowers the rate of identity theft, phishing, and other cyber attacks. Also, there are no credentials for employees to forget, so password management costs and IT operations go down.
Founded in 2015, the cybersecurity startup raised a $6 million Series A in 2017. As for how the business has progressed since, JVP’s Yoav Tzruya commented: “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 the world leaders in identification, CASBs, VPNs, SSO and others, positions the company as a category leader.”
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