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There's another billion dollar software 'unicorn' today, as Duo Security now joins the ranks of the most highly valued security startups. On Oct. 18, Duo Security announced that it had raised a new $70 million Series D round of funding.
With the new round, total funding to date for Duo Security now stands at $119 million. The company now also claims that is has a post-money valuation of $1.17 billion. The new funding round was led by Meritech Capital Partners and Lead Edge Capital.
"With this investment, we will continue to innovate solutions to the world's most fundamental security problems, expand our global reach, and accelerate our leadership position in the industry," CEO Dug Song stated.
Duo is in the business of providing enhanced security in large part by way of the company's two factor access (2FA) and the supporting Trusted Access Suite.
Alongside the new funding Duo also made a number of product announcements, including a new remote identity proofing solution for the healthcare industry. The healthcare security solution is being developed in partnership with Identity.com to bring instant DEA Level of Assurance 3 LOA3 identity proofing for EPCS to healthcare customers.
"At Duo, we have a philosophy of using the least Personally Identifiable Information (PII) possible," Steve Won, product manager at Duo, wrote in a blog post. "We also believe that separating authentication from identity is the right security decision to reduce risk."
Duo is also continuing to build out its Duo Beyond product, which is an implementation of Google's BeyondCorp framework. The promise of BeyondCorp is a zero-trust model where each end-point need to have a trust/verified identity.
According to Duo, its BeyondCorp implementation provides administrators visibility into all end user devices, including personal Macs, PCs and mobile devices - all without agents.
"Cybersecurity has become the biggest geopolitical problem of our time," Song stated. "We are at a point where every organization in every industry is challenged with the overwhelming cost and complexity of securing a modern workforce."
Sean Michael Kerner is a senior editor at eSecurityPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.