Auth0 Secures $55 Million in New Funding Round
16.5.18 securityweek Safety
Identity-as-a-Service (IDaaS) company Auth0 this week announced $55 million in Series D funding led by Sapphire Ventures.
To date, the Bellevue, Wash.-based identity management and authentication company has secured more than $110 million in financing. The firm offers a Universal Identity Platform for web, mobile, IoT, and internal applications and authenticates and secures more than 1.5 billion logins per month.
As part of the new financing round, the firm received investment from World Innovation Lab and existing investors Bessemer Venture Partners, Trinity Ventures, Meritech Capital, and K9 Ventures.
Auth0 plans on using the funds to continue innovation of its Universal Identity Platform, which the company says is used by companies such as VMware, AMD, Mazda, NVIDIA, News Corp, and thousands of others.
Founded in 2013, the company says it managed to double its overall customers and registered more than 100 percent revenue growth last year. This allowed it to hire 140 new employees and open additional offices in London, Sydney, and Tokyo.
“We are humbled by the support from our investors, and emboldened in our mission to provide the most extensible, powerful, and easy-to-use identity management solution available. We look forward to using these funds to make our product and company even better, and to continue offering value to our incredible customers around the world,” said Eugenio Pace, CEO and Co-founder of Auth0.
Last week, Auth0 announced it has joined the Decentralized Identity Foundation (DIF), an initiative from Microsoft, uPort, Gem, Evernym, Blockstack, and Tierion, focused on creating a standards-based ecosystem for managing digital identities. Together with IBM, Accenture, RSA, IDEO, and others, Auth0 will work on creating the specifications for securing and accessing identity data.
“Digital identity is the core of every interaction, transaction, and communication online, but it’s a little like the Wild West right now in terms of standards and specifications around how identity could be handled in a decentralized manner. There is an important need for strong voices to shape the future of this industry, and we are looking forward to our involvement with the Decentralized Identity Foundation,” Martin Gontovnikas, Vice President of Marketing at Auth0, said.