Duo Security Raises $12M for Cloud-based Two-factor Authentication Service

Duo Security on Monday said it has secured $12 million in venture capital from investors for company growth and product expansion. Benchmark led the Series B funding round, with participation from Google Ventures, True Ventures and Radar Partners.

Headquartered in Ann Arbor, Michigan, Duo Security provides a cloud-based two-factor authentication service to businesses of all sizes.  Jon Oberheide, the company’s CTO, and Dug Song, the company’s CEO, founded Duo Security in January 2010.

Duo Security expects to use the new financing to expand its product portfolio to help businesses with security challenges in today’s modern IT environment.

“There’s an ever-increasing need for securing user access for organizations of all shapes and sizes,” Oberheide told Talkin’ Cloud. “The myriad of breaches in the news is just the tip of the iceberg in terms of breaches that are occurring from very simple attacks against employees like phishing.”

Oberheide said the company is not currently looking for any additional funding. The company has raised a total of $19 million to date since 2010.

Duo Security works with companies such as Facebook, Etsy, Random House, Paramount Pictures, Box, Toyota, Yelp and Threadless.

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