Beyond Identity has secured $75m in Series B, just a matter months after it closed its Series A on $30m.
The round was backed by existing Beyond Identity investors, including New Enterprise Associates, Jim Clark, and Koch Disruptive Technologies.
Capital from the round will enable the RegTech to further the innovation of its platform and bolster its global expansion efforts. To support its move into new countries, the company is accelerating its distribution channels, increasing OEM partners and boosting international sales and support.
New York-based Beyond Identity aims to stop poor password management. The company, which launched in April 2020, offers an advanced passwordless identity platform that increases usability and security, whilst reducing complexity.
Its technology replaces passwords with secure X.509-based certificates and enables continuous risk-based authentication.
The close of the investment brings the company’s total equity raised to $105m. Beyond Identity closed its Series A round in April this year, netting $30m from Disruptive Technologies, New Enterprise Associates and angel investors.
Beyond Identity CEO TJ Jermoluk said, “Passwords are so repeatedly exposed that they have become a commodity for criminals. The result has been an exponential rise in account takeover fraud that is costing companies billions annually.
“Too many companies use the phrase ‘passwordless’ totally wrong. They aren’t actually eliminating the password at all, just applying Band-Aids to existing legacy password systems. Fundamentally strong authentication requires that companies completely eliminate passwords. But that is just the first move, not the end game.
“Forward-looking companies are adopting continuous authentication, a new model that provides fundamentally strong, risk-based access, significantly reducing exposure to account takeovers and protecting user privacy.”
Copyright © 2020 FinTech Global
