Beyond Identity raised over 88 million euros ($100 million) in a C-series investment round. The passwordless specialist intends to further expand its business.
Beyond Identity announced that the investment round was made possible by venture capitalists Evolution Equity Partners, New Enterprise Associates (NEA), Potemtum partners, Expanding Capital, HBM and former Netscape founder Jim Clark.
Since its inception, Beyond Identity managed to raise approximately 181 million euros ($205 million). The most recent investment round brings its value to a total of 970 million euros ($1.1 billion).
Expanding to new regions
The investment round should help Beyond Identity expand its activities to the Asia-Pacific and Latin American regions. The company is already active in North America, Europe, the Middle East and Africa.
Beyond Identity strongly believes that password authentication is a thing of the past. The specialist developed a passwordless multi-factor authentication (MFA) method that cryptographically connects end users’ identities to devices.
For this purpose, Beyond Identity uses TLS-based technology and X.509 certificates. This makes passwords completely superfluous for account authentication and recovery.
The technology is combined with a proprietary authenticator and an advanced policy engine. This ensures that only authorized users and devices get access to company data. The solution also ensures that each device complies with security policies before and after an authentication request.