SOURCE: Duo Security

April 14, 2015 07:30 ET

Duo Security Raises $30 Million to Accelerate Growth, Innovation in Preventing Data Theft

Redpoint Ventures Leads Series C Funding Round

ANN ARBOR, MI--(Marketwired - Apr 14, 2015) -  Duo Security, a cloud-based access security provider protecting both the world's largest and fastest-growing companies, today announced it has raised $30 million in Series C funding. New investor Redpoint Ventures led the round with participation by current investors Benchmark, Google Ventures, Radar Partners and True Ventures.

The series C round brings Duo Security's total funding to approximately $48 million, which the company will use to accelerate investment in engineering and international expansion as it rolls out the most effective solution to prevent security breaches and data theft.

"Duo Security is providing a much-needed solution at a time when organizations are bleeding billions of dollars a year in losses from breaches and identity theft, despite extensive spending on their complex legacy security systems," said Allen Beasley, partner at Redpoint Ventures. "We're proud to back Dug Song and his team in bringing the two-factor authentication solution to all enterprises."

"We're delighted to welcome Redpoint Ventures to the Duo team," says Duo Security CEO Dug Song. "This round of funding validates the work we're doing with Duo Platform and will help us continue to reinvent easy and effective solutions in an industry overloaded with expensive, broken systems."

Duo Security today also announced the upcoming launch of Duo Platform, extending the benefits of its patented technology to secure access for any user to any application from any device, including personal smartphones. Duo Platform allows IT teams to define policies for access, automate enforcement of controls based on risk, gain visibility into access-related security threats and get insight into the security profile of end user devices. Find out more at www.duosecurity.com/platform.

About Duo Security
Duo Security is a cloud-based access security provider protecting the world's fastest-growing companies and thousands of organizations worldwide, including Dresser-Rand Group, Etsy, Facebook, K-Swiss, The Men's Warehouse, NASA, Paramount Pictures, Random House, SuddenLink, Toyota, TripAdvisor, Twitter, Yelp, Zillow, and more. Duo Security's innovative and easy-to-use technology can be quickly deployed to protect users, data, and applications from breaches, credential theft and account takeover. Duo Security is backed by Benchmark, Google Ventures, Radar Partners, Redpoint Ventures and True Ventures. Try it for free at www.duosecurity.com.

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