Duo Security, a provider of cloud-based two-factor authentication solutions, announced on Monday that it has raised $12 million in Series B funding, led by venture capital firm Benchmark.
Duo, which jokingly announced that it had been acquired by RSA as an April Fool’s hoax earlier this year, provides two-factor authentication service to more than 5,000 organizations.
According to the company, the new funding will help fuel growth and enable the company to expand its product portfolio with additional security technologies to protect user access of corporate services and data.
Google Ventures, True Ventures and Radar Partners also participated in the funding round
“Dug Song and Jon Oberheide are the kind of passionate and ambitious entrepreneurs Benchmark is proud to back and work alongside,” said Matt Cohler, general partner at Benchmark and Duo Security board member. “Smartphone proliferation, the shift in IT environments to the cloud, and business users’ increased expectations for consumer-grade enterprise software products give Duo Security the opportunity to lead and change the face of the security market in a post-firewall world.”
“We’ve always had ambitions beyond two-factor authentication to build a unified security platform that empowers the mid-market to appropriately protect themselves,” said Jon Oberheide, CTO and co-founder of Duo Security. “We’re on a mission to democratize effective security technologies for everyone, not just the Fortune 500.”
Based in Ann Arbor, Michigan, Duo Security has recently expanded operations on the East and West coasts.
For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.
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