Apple’s iCloud recent security issues occurred as the company was readying to announce the iPhone 6, the iPhone 6 Plus, and the Apple Watch — ill timing, considering customers won’t buy any product that doesn’t keep our data safe. Thanks to this episode, one of the proposed Band-Aid solutions known as two-factor authentication has been getting some new attention. Now companies such as Duo Security are reaping the benefits.
The Michigan-based Duo Security announced today that it has raised $12 million in new funding led by Benchmark.
Duo’s service helps companies keep their users safer by letting them deploy two-factor authentication into their products. 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.
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.
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Duo Security 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.
