The strategic investment by SC Ventures will help Secret Double Octopus meet the rapidly growing demand for its passwordless authentication solution
Secret Double Octopus, the leader in Enterprise Passwordless Authentication, announced today that it secured a strategic investment from SC Ventures, the innovation, fintech investment and ventures arm of the international banking group, Standard Chartered. SC Ventures joins a distinguished list of corporate investors in the company including Sony Financial Ventures, KDDI, and Global Brain. The parties did not disclose the financial terms of the deal.
Secret Double Octopus offers an innovative authentication solution that completely removes the use of passwords in business environments of any size and complexity. Its unique combination of a simple universal user experience, and dramatically stronger protection against cyber-attacks, is an industry game-changer at a time of rapid workforce shifts and growing regulatory demands. 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.
“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 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.”
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About Secret Double Octopus
Secret Double Octopus is the passwordless authentication solution for the enterprise. The company’s solution liberates end-users and security teams from the burden of passwords with the simplicity and security of strong passwordless authentication. The Octopus Passwordless Enterprise™ technology provides a unified user experience and a consistent method for accessing workstations, remote services, cloud applications and on-prem systems, while providing stronger protection against cyber-attacks. From being named a Gartner “Cool Vendor” in 2016, Secret Double Octopus’s 4th generation platform is now serving mid-sized to Fortune 50 customers around the globe.
About Standard Chartered Bank
We are a leading international banking group, with a presence in 60 of the world’s most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
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Reuters: Standard Chartered backs passwordless tech startup Secret Double Octopus