BEER SHEVA, Israel, January 24, 2017 /PRNewswire/ --
Secret Double Octopus, the pioneer of keyless multi-shield connectivity and authentication, announced today that it has closed a $6 million Series A funding round. The financing round included Jerusalem Venture Partners, Liberty Media's Israel Venture Fund, Iris Capital, Benhamou Global Ventures and angel investor Yaniv Tal. The investment will be used to expand R&D efforts and accelerate growth in key markets, including the US and Europe.
Based on Secret Sharing algorithms, originally developed to protect nuclear launch codes, Secret Double Octopus has developed the only solution on the market that applies keyless authentication and data-in-motion protection for cloud, mobile, and IoT. The Company's technology prevents cyber attackers from accessing enough critical information to be useful for attacks such as brute force, man-in-the-middle, PKI manipulation, key theft and certificate authority weaknesses.
"Many security measures, such as SMS verifications, pseudo-biometric markers, behavioral markers, one-time-passwords and tokens, employ only a single layer of protection, making them vulnerable to attack, while also creating unnecessary friction for the user," said Raz Rafaeli, CEO of Secret Double Octopus. "Our multi-shield approach to connectivity, specifically as it relates to authentication, provides customers with both topflight security and a seamless user experience which is critical when countering the increasing levels of sophistication today's hackers demonstrate. We are happy that our new investors, representing key strategic partners, share our vision and look forward to expanding our presence in multiple markets."
Founded in Israel by a seasoned leadership team with more than 100 years' combined academic and industry experience across networking, information security, and computer science, Secret Double Octopus was recently designated a Gartner Cool Vendor.
"It is seldom the case where security solutions ease user experience," stated Yoav Tzruya, Partner at JVP. "Secret Double Octopus offers the best of both worlds - theoretically secure technology, immune to all computational challenges and quantum attacks, seamless user experience, and the ability to deploy in conjunction with all existing solutions."
"Secret Double Octopus is improving network security by offering keyless authentication and post-computational ("quantum-safe") data-in-motion protection," said Yaron Rosenbaum, Partner at Iris Capital. "With the imminent cyber security risks presented by IoT and Quantum Computing, we believe Secret Double Octopus is uniquely positioned to address a very large market potential, with its unique set of products based on strong and well established scientific principles. Iris Capital is excited to be a part of Secret Double Octopus's journey, and will actively support the Company by leveraging our 30 years of experience and network of connections in Europe and around the world."
About Secret Double Octopus
Secret Double Octopus has developed the world's only keyless multi-shield connectivity technology to protect identity and data across cloud, mobile and IoT environments. Based on Secret Sharing algorithms, originally developed to protect nuclear launch codes, Secret Double Octopus' technology prevents cyber attackers from accessing enough critical information to be useful for attacks, eliminating brute force, man-in-the-middle, PKI manipulation, key theft and certificate authority weaknesses.
The Company was founded in 2015 by a seasoned leadership team with more than 100 years' combined academic and industry experience. Secret Double Octopus is backed by Jerusalem Venture Partners, Iris Capital, Liberty Media and Benhamou Global Ventures. For more information, please visit http://doubleoctopus.com/
About Jerusalem Venture Partners (JVP)
Jerusalem Venture Partners ("JVP") is an internationally renowned venture capital fund based in Israel. JVP has raised over $1.1bn, built over 120 companies, was ranked by Preqin as one of the top-ten consistently performing VC firms worldwide and has led 32 notable exists - 12 IPOs and 20 M&As - the most recent being the NASDAQ-listed security forerunner CyberArk (NASDAQ: CYBR) and the Altair Semiconductors acquisition by Sony Corporation. JVP is renowned for its hands-on approach in creating companies from seed through its state-sponsored incubators and deep expertise in the fields of cyber security, big data, enterprise software, storage, mobile, media and IoT. Leveraging a rich network of global industry partners, JVP works closely with international corporations in Europe, the US and China to drive portfolio expansion. In 2013 JVP established its early-stage investment vehicle, JVP Cyber Labs, aimed at identifying, nurturing and building the next wave of cyber-security and big data companies to emerge from Israel. Based in the epicenter of Israeli cyber innovation in Beer Sheva, JVP Cyber Labs brings together academia, multinational corporations, and experts with experience from the military's elite computer units and has become a magnet for aspiring entrepreneurs from all over the country.
About Liberty Israel Venture Funds
The Liberty Israel Venture Funds ("Liberty Israel") are a pair of venture capital funds, one organized by Liberty Media Corporation (NASDAQ: LSXMA, LSXMB, LSXMK, BATRA, BATRK, LMCA, LMCK) and the other organized by Liberty Interactive Corporation (NASDAQ: QVCA, QVCB, LVNTA, LVNTB). Liberty Israel is dedicated to investing in Israeli technology start-up companies, stages A and above primarily, whose businesses and operations are related to the Liberty Media and Liberty Interactive portfolios of companies. Liberty Israel's areas of interest include companies relating to cyber security, the connected car, media and communications technologies, digital commerce, IT, Big Data and more. For more information regarding Liberty Israel, please email email@example.com. For inquiries regarding Liberty Media Corporation or Liberty Interactive Corporation, please contact Courtnee Chun at 720-875-5420.
About Iris Capital
Iris Capital is a European venture capital fund specializing in the digital economy. It supports businesses at various stages of maturity, from start-up to capital development. Since its inception in 1986, the Iris Capital team has invested more than €1 billion in over 300 companies. With its strong sector specialization and extensive experience acquired over almost 30 years, Iris Capital provides active support to its portfolio of companies, and has offices in Paris, Cologne, Berlin, San Francisco, Montreal, Riyadh, Dubai, Beijing, Tokyo and Tel-Aviv. In 2012, Iris Capital entered into a strategic partnership with Orange and Publicis to manage their joint venture capital initiative. For more information on the Iris Capital portfolio, visit http://www.iriscapital.com
Benhamou Global Venture (BGV), is an early-stage venture capital firm with deep Silicon Valley roots, with an exclusive focus on enterprise information technology opportunities in global markets. The BGV team has successfully built a cross-border venture investing model, which it is selectively expanding to other markets and regions globally. The Fund was founded by Eric Benhamou, formerly chairman and CEO of 3Com, Palm and co-founder of Bridge Communications. Comprised of an experienced partnership team of global operating executives and investors, BGVII will actively engage and support entrepreneurs looking to build the next generation of enterprise IT companies. With a particular emphasis on cloud based services and applications, cyber security, web-scale infrastructure, business analytics and the Internet of Things, the Fund will invest in the compelling opportunities offered as enterprise IT transformation accelerates. The company has offices in Palo Alto California and Tel Aviv (Israel).
To learn more about our BGV, please visit us at http://benhamouglobalventures.com or follow us on Twitter: @BenhamouGlobalV
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