The New York-based authentication firm intends to use the proceeds from the new funding round to further grow its research and development and extend its presence and resources into the Asia-Pacific and Latin American regions
Beyond Identity takes its valuation to $1.1bn following a Series C round. (Credit: Jan Alexander from Pixabay)
Beyond Identity, a New York-based multi-factor authentication (MFA) provider, has raised $100m in a Series C funding round to take its valuation to $1.1bn.
The funding round for the passwordless identity platform was led by Evolution Equity Partners, a venture capital investor focused on investing in cyber-security and enterprise software firms.
Beyond Identity’s existing investors New Enterprise Associates (NEA) and Jim Clark were also part of the round. Potentum Partners, HBAM, and Expanding Capital are the other investors to have participated in the funding.
Following the Series C round, Beyond Identity has taken its total funding capital to $205m. This includes $75m secured in a Series B round in December 2020.
Beyond Identity’s MFA platform, which is claimed to be invisible and un-phishable, offers secure and frictionless authentication. The platform is designed to prevent attacks of ransomware and account takeovers in their tracks and enhance the user experience dramatically.
According to the company, the platform removes passwords and other phishable factors and allows organisations to validate the identities of users in a confident manner. The solution is said to ensure that users log in only from authorised devices, and the device is compliant with the security policy requirements during login and continuously thereafter.
Beyond Identity’s MFA solution can cryptographically bind a user’s identity to their devices. Its system uses public/private key technology and X.509 certificates to fully eliminate passwords from the authentication and account recovery process rather than simply concealing them.
Evolution Equity Partners venture partner Taher Elgamal said: “Passwords are still the number one attack vector in most breaches.
“The industry has made progress to create solutions that shield passwords, but these solutions had both security and usability limitations. Beyond Identity provides a completely passwordless authentication ecosystem that has superior security and usability properties.”
Beyond Identity plans to use the proceeds from the new funding round to further grow its research and development and extend its presence and resources into Asia-Pacific and Latin America.
Beyond Identity co-founder and CEO TJ Jermoluk said: “Pouring truckloads of VC and PE money into legacy authentication technology will not protect companies. Throwing money at security ‘controls’ that criminals consistently evade, in an attempt to inexplicably protect and preserve the gaping hole that is passwords, is not only funding failure, it’s knowingly failing companies and customers.
“Password managers, phishable MFA, and outdated VPN technologies are not the answer and will not close the wide-open door that criminals waltz through every day. Today’s announcement sends a loud message that failure is no longer an option.”