Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Beyond Identity Becomes Unicorn With $100 Million Series C Funding Round

Identity management solutions provider Beyond Identity on Tuesday announced raising $100 million in an oversubscribed Series C funding round that brings the total raised by the company to $205 million.

With this funding round, led by Evolution Equity Partners, Beyond Identity achieves unicorn status, with a valuation of $1.1 billion.

Identity management solutions provider Beyond Identity on Tuesday announced raising $100 million in an oversubscribed Series C funding round that brings the total raised by the company to $205 million.

With this funding round, led by Evolution Equity Partners, Beyond Identity achieves unicorn status, with a valuation of $1.1 billion.

Beyond IdentityThe new investment will be used for R&D and for the company’s expansion in the APAC and Latin America regions.

Beyond Identity has developed what it describes as an “invisible multi-factor authentication (MFA) platform.”

By cryptographically binding user identities to their devices and eliminating passwords, the company says its solution can help organizations prevent attacks that leverage compromised credentials. The platform is also designed to ensure that user devices meet security policy requirements.

[ READ: SecurityWeek Study: Over 430 Cybersecurity Mergers & Acquisitions Announced in 2021 ]

Beyond Identity last year launched two new products and reported significant growth in revenue and customers. The company provides workforce, DevOps and customer solutions.

There are nearly 60 cybersecurity unicorns and more than half achieved this status in 2021. Experts told SecurityWeek last year that the surge in unicorns was likely the result of speculative strategies and the growing importance of cybersecurity.

Related: Contrast Security Raises $150 Million at ‘Unicorn’ Valuation

Advertisement. Scroll to continue reading.

Related: Dragos Becomes First Industrial Cybersecurity Unicorn After Raising $200 Million

Related: Noname Security Raises $135 Million at ‘Unicorn’ Valuation

Related: MDR Company Expel Raises $140 Million at Unicorn Valuation

Written By

Eduard Kovacs (@EduardKovacs) is a managing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.

Register

SecurityWeek’s Ransomware Resilience and Recovery Summit helps businesses to plan, prepare, and recover from a ransomware incident.

Register

People on the Move

CISA executive assistant director for cybersecurity Eric Goldstein is leaving the agency after more than three years.

OT zero trust access and control company Dispel has appointed Dean Macris as its CISO.

Cloud identity and security solutions firm Saviynt has hired former Gartner Analyst Henrique Teixeira as Senior Vice President of Strategy.

More People On The Move

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Identity & Access

Zero trust is not a replacement for identity and access management (IAM), but is the extension of IAM principles from people to everyone and...

CISO Strategy

SecurityWeek spoke with more than 300 cybersecurity experts to see what is bubbling beneath the surface, and examine how those evolving threats will present...

CISO Conversations

Joanna Burkey, CISO at HP, and Kevin Cross, CISO at Dell, discuss how the role of a CISO is different for a multinational corporation...

CISO Conversations

In this issue of CISO Conversations we talk to two CISOs about solving the CISO/CIO conflict by combining the roles under one person.

CISO Strategy

Security professionals understand the need for resilience in their company’s security posture, but often fail to build their own psychological resilience to stress.