Israeli cybersecurity company Secret Double Octopus raised $15 million in a Series B round that included investors such as Sony Financial Ventures, KDDI, and Global Brain and Jerusalem Venture Partners (JVP), the company’s largest investor.
Founded in 2015, Secret Double Octopus works to address the rapidly growing need for passwordless authentication and remote-access security in enterprise environments. Its solutions allow companies to leverage biometrics, mobile devices, and security keys to protect company assets, enabling employees to forego a password when logging into workstations, cloud services, legacy applications, and other workplace tools.
“Removing passwords prevents credentials theft, man-in-the-middle attacks, identity theft, phishing, and other forms of popular attack vectors. Furthermore, moving to Passwordless Authentication reduces Helpdesk and password management costs and minimizes IT operations,” the company said in a statement.
“Turning enterprises to passwordless environments represent a dramatic shift in organizations’ cyber defense posture, limiting dramatically some of the world’s most threatening attack vectors”, said Yoav Tzruya, General Partner at JVP. “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.”
“This investment is further proof of the market need for our innovative product. It is now more important than ever to implement simple, fast solutions like ours that bolster security while simultaneously increasing employee productivity by eliminating the hassle and costs associated with password management,” said Raz Rafaeli, CEO and co-founder of Secret Double Octopus.