Duo Security builds identity and device security products with a flagship two-factor authentication app and additional tools to secure users and their devices. The company says it works with more than 10,000 companies and has more than doubled its annual recurring revenue for the past four years. Founded in 2010 in Ann Arbor, Michigan, Duo now employs more than 500 people and has offices in Austin, San Mateo, and London. Duo positions itself as focused on making security easy for organizations at scale and expanding the reach of its products. The company plans to use new investment to accelerate technical innovation, expand operations, and secure new partnerships. Leadership emphasizes remaining based in Ann Arbor and continuing to hire from and invest in the regional talent pool. Duo Security is an Ann Arbor, Michigan–based provider of cloud-based access security solutions that protect users, data and applications from breaches, credential theft and account takeover. Led by CEO Dug Song, the company offers Duo Platform, which extends its patented technology to secure access for any user to any application from any device, including personal smartphones. The platform allows IT teams to define policies for access, automate enforcement of controls based on risk, gain visibility into access-related security threats and assess the security profile of end-user devices. Duo is already used by customers including Zillow, Etsy, NASA, Facebook, Paramount Pictures, Random House, Toyota, Twitter, Yelp and TripAdvisor. Financially, the company has now raised approximately $48m in total and recently closed a $30m Series C round. It intends to use the funds to accelerate investment in engineering and international expansion. Duo Security builds two-factor authentication technology designed to be highly secure yet easy for users, anchored by its Duo Push one-tap mobile approval. The product also supports hardware tokens and SMS passcodes and integrates with enterprise cloud apps like Salesforce, Microsoft Office, Google Apps, and Box, plus VPNs and developer integrations via APIs and a web SDK. The company serves more than 5,000 enterprise customers and has fewer than 100 employees. It recently raised $12 million in Series B financing from Benchmark to bolster growth. With the new cash, Duo plans to ramp up sales and expand its engineering team. Headquartered in Ann Arbor, Mich., with a couple of remote offices on the coasts, Duo targets enterprises shifting to cloud services and BYOD models. Duo Security builds two-factor authentication for companies to protect employee phones, offering mobile apps for iOS, Android, BlackBerry and other platforms. Its service replaces hardware tokens by allowing users to generate secure passcodes via mobile apps and provides a second authentication step after primary login. The product emphasizes usability for both IT deployment and employees, and it integrates with company servers and infrastructure. In two years the company has added over 500 customers with users across 80 countries, including Tumblr, University of Michigan, Central Ohio Primary Care, and Toyota. Duo plans to use new funding to expand its team, conduct mobile security research, and develop its authentication platform. Financially, the company has raised $5 million in the new round, bringing total funding to $6 million.

Total raised

$117M

Funding rounds

4

Latest round

Series D

Latest activity

Oct 2017