Duo Security, a software-as-a-service (SaaS) firm for security, has raised over ₹455 crore ($70 million) in its Series D funding round, which was led by Meritech Capital Partners and Lead Edge Capital.
The funding round also witnessed participation from new investors — Geodesic Capital and Index Ventures, as well as existing investors Redpoint Ventures and True Ventures. A new strategic partner, Workday, has also participated in the round.
The company is now believed to have been valued at around $1.17 billion, earning it the ‘unicorn’ tag. Duo now ranks among the world’s most valuable private SaaS companies.
Apart from the funding round, the company has also announced that it has exceeded 10,000 customers and protects more than 300 million logins worldwide every month.
Dug Song, chief executive officer, Duo Security, said,
Cybersecurity has become the biggest geopolitical problem of our time. We are at a point where every organization in every industry is challenged with the overwhelming cost and complexity of securing a modern workforce. Duo pioneered cloud-delivered security by making user access easy, effective, and trustworthy. With this investment, we will continue to innovate solutions to the world’s most fundamental security problems, expand our global reach, and accelerate our leadership position in the industry.
Rob Ward, managing director at Meritech Capital Partners, said that Duo is beloved by its customers and end users. He believes that this has enabled Duo to establish itself as the leader in cloud-based trusted access. He added that the firm is delighted to support them in their rapid growth.
Lorrie Norrington, operating partner for Lead Edge Capital, said,
Duo represents one of the most exciting opportunities in the security market today. Through its product excellence, market leadership and outstanding team, Duo has demonstrated best in class financial and operating performance. Lead Edge is thrilled to continue to support Duo through the next phase of its growth and I am delighted to join its Board of Directors.
Duo helps defend organizations against breaches by making security easy and effective. The company’s “Trusted Access” product suite verifies the identity of users and the health of their devices before granting them access to data and applications — helping prevent breaches and account takeover.
The company says that it also protects more than 10,000 diverse organizations worldwide, including Etsy, Facebook, K-Swiss, Paramount Pictures, Random House, and Yelp, among others.