Secret Double Octopus Raises $6M Series A
Multi-factor security firm gets new financial backing as it takes aim at growing share in the authentication market.
There are a lot of companies in the IT space with interesting names, and you can now count Secret Double Octopus among them. While the name might sound a little 'fishy', the technology the company develops is very serious.
On Jan. 24, Secret Double Octopus announced that is has raised a $6 million Series A round of funding. The investment comes from Jerusalem Venture Partners, Liberty Media’s Israel Venture Fund, Iris Capital, Benhamou Global Ventures and angel investor Yaniv Tal. The company had previously raised seed funding of $1.5 million from Jerusalem Venture Partners in May 2015.
The funding will be used towards growing the company’s business in the US and Europe, and to expand the company’s research and development, Amit Rahav, VP Marketing & Business Development, told eSecurityPlanet. "Our vision is to bring multi-shield protection into every aspect of cloud, mobile and IoT networking, all currently struggling to scale with traditional key-based security solutions."
Rahav sees lots lots of competition for his firm, from multi-factor vendors and key-based encryption and authentication solutions. He noted that Secret Double Octopus differentiates itself by offering multi-shield protection so the user identity and data is still protected even in the case of SMS hijacking, PKI manipulation, key theft or push notification cracking.
About that name
The name Secret Double Octopus is not a popular culture reference and is not the name of a James Bond villain either.
"The name originated from academic research which looked into the application of secret sharing schemes for modern day authentication challenges," Rahav explained.
He added that both authentication parties, for example, a server and an edge device, verify each other with multiple ‘tentacles’ – protected data exchange routes.
"A hacker's violation with a subset of such ‘tentacle’ routes leaves them still with zero chance to steal the user or device identity," Rahav said.
Sean Michael Kerner is a senior editor at eSecurityPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.