Israeli startup Secret Double Octopus, a developer of an enterprise passwordless authentication solution, announced that it secured a strategic investment and partnership from SC Ventures, the innovation, fintech investment, and ventures arm of international banking group, Standard Chartered. The full amount of the investment has yet to be disclosed.
Realizing the changing authentication landscape
Secret Double Octopus deploys a passwordless authentication solution for enterprise environment of any size or complexity. The company states that Its unique combination of simple universal user experience and optimal cyber-security protection has become in high demand due to the rapid change in work culture and regulatory standards. As we witness critical breach after critical breach, banks and financial institutions are bulking up their cyber protection capabilities and investing in companies exactly like Secret Double Octopus, which its password alternative solution could potentially be cost-saving game changers for organizations with thousands of employees.
"We are incredibly excited to have an international financial giant like Standard Chartered join us as an investor and advisor," said Raz Rafaeli, Co-Founder and CEO of Secret Double Octopus. "This partnership demonstrates the trust our technology has gained in global organizations of the largest scale. SC Ventures is a beacon of fintech innovation, and we look forward to many years of collaboration delivering passwordless capabilities to the enterprise world."
The company's product is further empowered by its partnerships with IAM giants like ForgeRock and Okta and is now serving mid-size to Fortune50 customers globally through a large network of distributors in the US, Europe, and APAC.
"The changes in the way people work and communicate today require a shift in how organizations secure their employees and clients," says Alex Manson, SC Ventures. "We are thrilled to partner with Secret Double Octopus as they transform enterprise authentication standards, helping organizations like ourselves better manage their cybersecurity risks, while streamlining employee workflows. We look forward to supporting Secret Double Octopus in the next phase of its growth."
Secret Double Octopus was founded in 2015 by CEO Raz Rafaeli, CTO Shimrit Tzur-David, CSO Shlomi Dolev, and VP R&D Chen Tetelman. Towards the end of April this year the Israeli startup raised $15 million in Series B funding from Sony Financial Ventures, KDDI, and Global Brain, among others. Furthermore, the company claims it will leverage this partnership and investment towards product and business development.