New York-based Beyond Identity has raised $100 million in a fundraising round to grow its presence in the multi-factor authentication (MFA) market into new locations and support its research and development efforts.
The passwordless identity management firm, which also provides behavioral biometric technology as a means of authentication, says it raised the Series C funding with Evolution Equity Partners leading the round, and participation from existing investors New Enterprise Associates and Jim Clark. Potentum Partners, Expanding Capital, and HBAM joined in as well. Beyond Identity says it now totals $205 million in funding and is valued at $1.1 billion.
The funding will “further expand Beyond Identity’s research and development” and allow its expansion into the Asia-Pacific and Latin America regions, a news release says. Beyond Identity also adds Taher Elgamal of Evolution Equity Partners to its board of directors. Elgamal, a 2019 recipient of the Marconi Prize, an award recognizing advancement in communications technology, is described as the “Father of Secure Sockets Layer,” and co-founded Nok Nok Labs.
The announcement follows significant business growth for Beyond Identity, as the company claims its customer base increased 640 percent and annual recurring revenue rose 330 percent from 2020 to 2021.
“We’re very excited to participate in this funding round to help the company further accelerate its growth and help customers remove one of the greatest cybersecurity risks they face today,” comments Elgamal.
Beyond Identity published research last year showing that people needing to reset a password to complete an ecommerce transaction are more likely to simply abandon it for purchases of up to $162, on average.