Beyond Identity, a multi-factor authentication (MFA) platform provider, has secured $100 million in a Series C funding round. The financing brings Beyond Identity's financing to date to $205 million and increases Beyond Identity's valuation to $1.1 billion.
The Series C funding enables Beyond Identity to expand its research and development, while also increasing its footprint and and resources into the Asia-Pacific and Latin America regions.
Beyond Identity generated strong growth ahead of the funding. Indeed, annual recurring revenue (ARR) rose 330 percent in 2021 compared to 2020, the company noted. In addition, Beyond Identity's customer base grew 640 percent, and the company now has more than 180 employees across North America and EMEA.
Still, it's difficult to put the growth figures in proper context. After all, Beyond Identity did not announce actual revenue, EBITDA or profit (or loss) figures for 2021.
Beyond Identity Unveils Microsoft Azure AD SSO Integration, Joins MISA
Beyond Identity in December 2021 integrated its Secure Work product with Microsoft Azure Active Directory (AD) Single Sign-On (SSO). The integration ensures Secure Work can be used with both Microsoft AD Federation Services environments and Azure AD SSO.
Furthermore, Beyond Identity in December 2021 joined the Microsoft Intelligent Security Association (MISA), an ecosystem of MSSPs and independent software vendors (ISVs) that integrate their solutions with Microsoft’s security products. Organizations can use Beyond Identity's platform and Microsoft Endpoint Manager to determine if a device is managed and secure at the time of authentication, prevent account takeovers and implement a zero-trust compliant authentication strategy.
Beyond Identity provides an MFA platform that stops ransomware and account takeover attacks, the company stated. The platform eliminates passwords and other phishable factors, enabling organizations to validate users' identities and allowing users to log in from authorized devices.
Beyond Identity and MSSP Partners
Meanwhile, MSSPs and MSPs can join Beyond Identity's channel partner program to integrate the company's MFA platform into their offerings. The program allows channel partners to use Beyond Identity's capabilities to deliver passwordless authentication and other identity-based solutions.