ANN ARBOR — The cloud-based access security developer Duo Security said Tuesday it has raised $30 million in Series C venture funding.
The investors were all California-based, including new investor Redpoint Ventures of Menlo Park, which led the round, as well as returning investors Benchmark of Menlo Park, Google Ventures of Mountain View, Radar Partners of Palo Alto and True Ventures of San Francisco.
The Series C round brings Duo Security’s total funding to approximately $48 million, which the company will use to accelerate investment in engineering and international expansion as it rolls out its products to prevent security breaches and data theft.
“Duo Security is providing a much-needed solution at a time when organizations are bleeding billions of dollars a year in losses from breaches and identity theft, despite huge spending on their complex legacy security systems,” said Allen Beasley, partner at Redpoint Ventures. “We’re proud to back Dug Song and his team in bringing the two-factor authentication market to all enterprises.”
Added Song, CEO of Duo Security: “This round of funding validates the work we’re doing with Duo Platform and will help us continue to reinvent easy and effective solutions in an industry overloaded with expensive, broken systems.”
Duo Security today also announced the upcoming launch of Duo Platform, extending the benefits of its patented technology to secure access for any user to any application from any device, including personal smartphones. Duo Platform allows IT teams to define policies for access, automate enforcement of controls based on risk, gain visibility into access-related security threats and get insight into the security profile of end user devices.
With the rise of cloud, mobile and Bring Your Own Device, organizations face the added challenge of protecting what they don’t control. Data breaches happen in organizations every day and current products meant to thwart those breaches are built upon security tenets from decades past. With Duo Platform, Duo Security has built on its strong history in user authentication to create a new secure access platform that adds tools such as mobile device insight, security threat detection, and geofencing.
“We believe the security industry has largely lost its way, pushing ineffective, costly systems that only add complexity and increase risk,” Song said. “By keeping security implementation easy, we foster adoption. We offer users and organizations state-of-the-art protection that is the easiest to use, deploy and administer.”
Find out more at duosecurity.com/platform. Duo Platform will be available next month for $6 per user per month.
Duo Security’s customer list includes thousands of companies and organizations worldwide, including Zillow, Etsy, NASA, Facebook, Paramount Pictures, Random House, Toyota, Twitter, Yelp, TripAdvisor, The Men’s Warehouse, Dresser-Rand Group, K-Swiss, SuddenLink, and more.
Try Duo’s technology for free at www.duosecurity.com.