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On the heels of the iCloud security mess, Duo Security raises $12M for its two-factor authentication service

On the heels of the iCloud security mess, Duo Security raises $12M for its two-factor authentication service

Apple’s iCloud security issues a couple of weeks ago were pretty ill-timed as the company was gearing up to announce more than one new product heavily relying on customers’ data being safe. Two-factor authentication, one of the proposed Band-Aid solutions, has been getting some new attention thanks to this episode, and companies such as Duo Security are reaping the benefits.

The Michigan-based company announced today that it has raised $12 million in new funding led Benchmark Capital.

Duo’s customers deploy two-factor authentication into their products, which keeps the customers’ users safer. This way, a company’s users can benefit from the extra security measure, and the company doesn’t have to build this in-house (security technology is quite complex, something not all companies are equipped to handle without dedicated team members). Duo’s service is available on a multitude of platforms including iOS, Android, and desktop apps.

As a reminder, two-factor authentication requires users to verify their identity in at least two independent ways, usually through something the user knows (password, etc.), something they have (card, phone, etc.), and/or something they are (fingerprint, etc.). Other companies also providing similar two-factor authentication services include RSA SecurID, PhoneFactor, and in-house solutions such as Google’s own feature.

Duo Security it has provided its service for more than 5,000 customers to date, including Facebook, Etsy, Random House, Paramount Pictures, Box, Toyota, Yelp, and Threadless.

Along with Benchmark, Google Ventures, True Ventures, and Radar Partners also contributed to this round of funding. Duo Security plans to use the new funding to expand its product offerings, and for overall growth of the company.

Duo Security was founded in 2010 by Dug Song and Jon Oberheide, and is based in Ann Arbor, Mich. The company previously raised about $8 million in funding from Google Ventures, True Ventures, and Resonant Venture Partners among others.

Benchmark Capital is a venture capital firm, responsible for the early stage funding of some very successful startups. Started in 6/1995, the company has invested in more than 150 start-ups including eBay, Ariba,Juniper Networks, Red H… read more »

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