BGU-founded identity verification technology provider Secret Double Octopus has added $15m to its coffers, three years after closing its series A round.
Secret Double Octopus, an Israel-based identity verification technology spinout of Ben-Gurion University of the Negev, completed a $15m series B round yesterday backed by telecoms firm KDDI.
Mass media group Liberty Media and Sony Financial Ventures, a subsidiary of consumer electronics producer Sony, took part in the round, as did Global Brain, Jerusalem Venture Partners (JVP), Benhamou Global Ventures (BGV), Iris Capital and private investor Yaniv Tal.
Founded in 2015, Secret Double Octopus provides identity verification technology that enables organisations to avoid user passwords in favour of multi-factor authentication.
The company’s system combines push notifications with biometric identifiers authorised by a sensor on a user’s mobile device, and works across workstations, networks and remote systems.
Raz Rafaeli, co-founder and chief executive of Secret Double Octopus, said: “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.”
Liberty Media’s Israel Venture Fund had previously joined JVP, Iris Capital, BGP and Yaniv Tal in the company’s $6m series A round in 2017, the year after it raised $1.5m in seed capital from investors including JVP.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
