Beyond Identity Raises $75 Million to Take Customers Beyond Passwordless to the Identity Platform of the Future
Funds Will be Used to Advance “Passwordless” Into the Era of Continuous Authentication and Meet Exploding Demand for the Company’s Advanced Passwordless Identity Platform
Beyond Identity announced a $75 million Series B round, funded by existing investors and bringing total investment in the company to $105 million. Investors in the company include New Enterprise Associates (NEA), Jim Clark, and Koch Disruptive Technologies, LLC (KDT). The company will use the proceeds to fuel further innovation of its industry-leading, advanced passwordless identity platform and to build a global footprint, including the acceleration of distribution channels, OEM partners, and international sales and support.
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Launched in April 2020 by Silicon Valley icons Jim Clark and Thomas (TJ) Jermoluk, customers have been attracted by the company’s secure, scalable, and frictionless passwordless authentication, but what has really gotten their attention is the platform’s advanced architecture and ability to incorporate granular endpoint security data into a continuous risk policy-based authentication model. The company is currently supporting customers whose workforce counts range in size from less than a hundred, to hundreds of thousands of employees and is attracting businesses that are working to deploy its advanced identity platform to tens of millions of their end-user customers.
“The past seven months have been a challenging time and have forced organizations to rapidly adjust to supporting fully remote workforces, a change that will be largely permanent,” said Forest Baskett, General Partner at NEA. “The industry was moving incrementally in the direction of passwordless approaches, but Beyond Identity’s innovation leapfrogged all others with an elegant architecture and powerful solution. As investors, the opportunity to ride that wave with the leadership team they have assembled was simply too hard to ignore.”
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Unlike previously available solutions like two-factor/multi-factor authentication (2FA/MFA) or password managers (which attempted to increase security but also greatly increased user friction), Beyond Identity’s advanced passwordless identity platform increases both usability and security, lowering cost and complexity while removing friction for users. The company has continued to rapidly extend its coverage – expanding its Beyond Identity Authenticator to all major operating systems (macOS, Windows, iOS, and Android). The company has streamlined the adoption of passwordless identity management across any business context by offering a completely cloud-native platform, supporting proven industry standards (e.g., OpenID Connect, SAML, TLS, and X.509), and developing formal integration partnerships with single sign-on (SSO) providers, including Ping Identity, Okta, ForgeRock, Microsoft, and others.
“Passwords are so repeatedly exposed that they have become a commodity for criminals. The result has been an exponential rise in account takeover fraud that is costing companies billions annually,” said TJ Jermoluk, CEO of Beyond Identity. “Too many companies use the phrase ‘passwordless’ totally wrong. They aren’t actually eliminating the password at all, just applying Band-Aids to existing legacy password systems. Fundamentally strong authentication requires that companies completely eliminate passwords. But that is just the first move, not the end game. Forward-looking companies are adopting continuous authentication, a new model that provides fundamentally strong, risk-based access, significantly reducing exposure to account takeovers and protecting user privacy.”