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.
The 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.
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.