Password management 1 password is a large procurement of $ 100 million (11 billion yen), solution expansion | BRIDGE (Bridge) Technology & Startup Information
The password management platform 1Password raised $ 100 million in the accelerator's lead round.The funding of this time will be announced along with the new startups created by Canada.
As a new product, we will expand to confidentiality to protect corporate information infrastructure, a new API that enables security teams to directly capture 1 Password signboard into cyber security tools, and new Linux for DevOps teamDesktop apps have been published.
The ultimate issue that 1 password is trying to solve is that most of the data leakage is due to password leakage.1Passwords provides platforms that can safely store passwords and log in to countless online services, targeting companies such as Slack, IBM, and GitLab.It can also be used for preserving other private documents, such as software license and credit card details.
The company based in Toronto, in 2019, raised the first financing in 14 years of history, with an angel investor from ACCEL, Slack (via Slack Fund), and ATLASSIAN founders.I procured.In about two years, the number of paid business customers reached about 90,000, and the annual ordinary income (ARR) achieved $ 120 million.
According to Jeff SHINER, a 1password CEO, the demand for password management tools has been involved in various factors, but the biggest change since the previous financing was that society is from the office to remote work and hybridwork.It is said that it is shifting rapidly.
1 Password is useful to enable employees to always grasp all login authentication information
Password fundamental task
Many companies are working on so -called "password issues", and are trying to completely remove the passwords themselves in the first place using "magic links" sent by email and biometric authentication.Last week, the distributed passwordless authentication platform "MAGIC" has announced a $ 27 million funding, but immediately after that, "Transmit Security" raised $ 543 million with a high praise of $ 2.3 billion.Beyond Identity has announced $ 75 million.In addition, OKTA acquired AUTH0 with an exceptional amount of $ 6.5 billion in May, and two giant companies in the identity access management (IAM) field have joined hands.
On the other hand, 1Passwords, in collaboration with Apple's Touch ID and Face ID, can unlock 1 passwords with fingerprints and faces, and support 2FA hardware keys such as yubikey.Incorporates less authentication.SHINER also suggests the possibility of new products related to passwordless authentication, which will be released in the next few months.
But at the same time, SHINER pointed out that some issues remain in order to truly realize the future of passwordless.
In search of a partner
According to SHINER, the company is making sufficient profits and does not actively seek new investment.But he said it was a great value to have the opportunity to welcome countless new investors beyond the industry (he calls it a "partner").
Many institutional investors and angel investors, including co -founders, Kevin Hartz, are newly participating.
The funding of the fund is likely to make a further leap in order to expand the $ 1.3 billion password management market.SHINER sent a message like this.
[Via VentureBeat] @Venturebeat
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