PALO ALTO, Calif., Aug. 25, 2015 /PRNewswire/ -- Nok Nok Labs, an innovator in modern authentication and a founding member of the FIDO Alliance, today announced that it has completed the second and final closing of $8M in its Series C Financing, raising a total of $16.25M. This total amount includes the existing $8.25M raised in December 2014.
New strategic investors were added to the oversubscribed round, including DaouKiwoom Group from South Korea; DOCOMO Capital from Japan; and Thundersoft from China. The round also includes current investors DCM Ventures, Lenovo Group, ONSET Ventures and Raven Ventures and related affiliates. Mr. Ik-Rae Kim, the Founder and Executive Chairman of the DaouKiwoom Group, will join the Nok Nok Labs Board of Directors.
This latest round of funding will be used to:
- Expand sales, support and channel infrastructure to support the growing customer pipeline;
- Facilitate global opportunities and meet the growing demands in the Asia Pacific (APAC) region; and
- Continue technology innovation around and beyond the FIDO specifications.
"We are very excited to partner with Nok Nok Labs in their next phase of growth," said Mr. Sang-Joon Kim, Senior Vice President at Korea Information Certificate Authority, Inc. (KICA), part of the DaouKiwoom Group. "KICA is Korea's leading digital and biometric authentication services provider and sees exceptional potential to change online authentication – especially in the South Korean market. We view this investment and partnership with Nok Nok Labs as strategic to this opportunity."
In May 2015, Nok Nok Labs announced that NTT DOCOMO, INC. ("DOCOMO") had selected the NNLTM S3 Authentication Suite to deliver simple and strong authentication to DOCOMO's ecosystem of millions of customers and mobile devices, to deliver carrier-scale services.
"This investment by DOCOMO Capital is strong validation for Nok Nok Labs as the first company to bring the FIDO Universal Authentication Framework (UAF) server to the market," said Neil Sadaranganey, Managing Director at DOCOMO Capital. "We are big believers in the FIDO specifications to solve the current and future authentication needs of our customers. We continue to be very pleased with the NNL S3 Suite and look forward to a long-lasting partnership."
Nok Nok Labs was launched in 2011 by Ramesh Kesanupalli, the visionary behind the FIDO Alliance, to transform online authentication for modern computing. The company delivers client and server software solutions that leverage the existing security capabilities on a user's device, such as a built-in fingerprint sensor, camera or Trusted Platform Module (TPM), in order to provide user-friendly, strong authentication to any application. Unlike current siloed authentication solutions, Nok Nok Labs allows organizations to support a wide range of authentication technologies from a single, unified platform.
About Nok Nok Labs
Nok Nok Labs provides organizations with the ability to bring strong, FIDO-based authentication infrastructure to their mobile and web applications. The Nok Nok Labs S3 Authentication Suite enables organizations to accelerate revenues, reduce fraud, and strengthen security. Nok Nok Labs is a founding member of the FIDO Alliance with customers and partners that include NTT DOCOMO, PayPal, AliPay, Samsung and Lenovo. For more information, visit www.noknok.com.
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