LoginRadius said it raised $17 million of Series A capital in a round led by ForgePoint Capital and M12, Microsoft’s venture fund. The round was joined by existing investors, including Real Ventures, BDC Capital, and Yaletown Venture Partners.
A press release follows:
Customer Identity Leader LoginRadius Announces $17M Series A Funding from ForgePoint and Microsoft’s Venture Fund, M12
The cloud-based cIAM company plans to accelerate product innovation and expand globally to serve the fast-growing $20B customer identity market
Vancouver, Canada, July 25, 2018 — LoginRadius, a leader in Customer Identity and Access Management (cIAM), announced today a $17M Series A funding round led by ForgePoint Capital and Microsoft’s venture fund, M12. All existing major investors also participated, including Real Ventures, BDC Capital, and Yaletown Venture Partners. In connection with the funding, ForgePoint Capital and M12 will join LoginRadius’ Board of Directors. The funds will be used to accelerate product innovation, customer acquisition, and global expansion.
Since its launch in 2012, LoginRadius has been relentlessly focused on customer identity and has experienced triple digit annual growth for the past two years. The company has grown to support global offices in Vancouver, London, San Francisco, Sydney, and Jaipur, with plans to more than double its workforce in the next 12 months.
“With increasing customer experience expectations and growing cybersecurity threats, enterprises need a modern cloud-based identity platform that can be the foundation for digital transformation and provide peace of mind when it comes to security,” said CEO and Co-founder Rakesh Soni. “This funding is a testament of LoginRadius’ ability to deliver on this promise to our customers and sets the foundation for our future growth.”
LoginRadius’ cloud-hosted service provides the platform to securely manage and transact with billions of customer identities while keeping privacy and compliance regulations (such as GDPR) in mind. Leveraging over 200 pre-built integrations, turnkey configuration and cIAM-focused data security and access management functionality, LoginRadius enables businesses to deliver an unified customer registration, login, and self-service experience in months.
LoginRadius’ enterprise-grade identity platform is being used by over 3,000 businesses, including brands such as Weather Network, Vogue, Canadian Broadcasting Corp (CBC), Viacom, Avatar, and Kind Snacks. The highly scalable platform is serving over 700 million identities and handling 7.5 billion API calls per month. The platform has been deployed on new and legacy applications across multiple channels including web, mobile, IoT, POS and kiosks.
“Customer identity is at the intersection of security, digital business, and compliance. This requires significant expertise to build and maintain in-house, resulting in an extended go-to market time,” said Deepak Gupta, CTO and Co-founder. “LoginRadius provides the answer to this critical challenge with its out-of-the-box solution.”
LoginRadius’ platform is built with RESTful APIs and open sourced SDK libraries that allow developers to easily implement authentication, login interfaces, and web SSO. Developers also no longer need to worry about back-end capabilities, including data management, disaster recovery, performance, system availability and scalability.
“Forward-thinking companies are looking for secure, cloud-based identity solutions that can serve a global customer base and handle complex scenarios,” said Nagraj Kashyap, corporate vice president at Microsoft and global head of M12. “We’re excited to invest in LoginRadius because they are delivering on their promise to simplify customer identity management, which allows enterprise companies to more easily achieve their digital transformation ambitions.”
LoginRadius is a leading provider of cloud-based Customer Identity and Access Management solutions. It’s platform serves over 3,000 businesses with a monthly reach of 700 million users worldwide. The company has been recognized as a leading provider of cIAM by Gartner, Forrester, Kuppingercole, and Computer Weekly.
LoginRadius’ platform helps companies to securely manage customer identities, deliver a unified digital experience, and comply with all major privacy regulations such as GDPR. Hosted in a highly secure environment to protect consumer data and prevent exposure to data breaches, the platform also provides end-to-end encryption in transit and at rest, multi-factor authentication, threat detection, and fraud prevention technologies.
The company is headquartered in Vancouver, Canada, with additional offices in the US, United Kingdom, Australia, and India.