Auth0 has secured $55 million in a new funding round to boost the development of identity-as-a-service enterprise solutions.
As the enterprise transitions towards the cloud, mobile, and next-generation technologies, a critical need has emerged to secure applications and authenticate users, keep cyberattackers at bay, and maintain control over business-critical systems and information.
This is where Identity-as-a-Service (IDaaS) solutions come in.
IDaaS providers utilize cloud technology for authentication purposes, catering for multiple authentication requirements, single sign-on systems, and privilege-related access to data while saving time and resources.
Bellevue, WA-based Auth0 is best known for its IDaaS Universal Identity Platform, which secures web, mobile, Internet of Things (IoT), and internal applications. The firm says it secures over 1.5 billion logins per month and caters for customers in over 70 countries.
Current clients include VMware, AMD, Mazda, NVIDIA, and News Corp.
It appears that investors in the technology field have taken an interest in IDaaS, considering the success of Auth0's latest series D funding round.
The firm secured a fresh cash injection of $55 million through the round, led by Sapphire Ventures. Other participants included World Innovation Lab, Bessemer Venture Partners, Trinity Ventures, Meritech Capital, and K9 Ventures.
Auth0 says that the funding will be used to "continue innovation of the company's Universal Identity Platform, accelerate go-to-market programs, and drive global expansion."
"We are humbled by the support from our investors, and emboldened in our mission to provide the most extensible, powerful, and easy-to-use identity management solution available," said Eugenio Pace, CEO, and co-founder of Auth0. "We look forward to using these funds to make our product and company even better, and to continue offering value to our incredible customers around the world."
The latest funding builds upon four previous rounds which raised a collective $54.3 million. To date, Auth0 has secured over $110 million from investors.
"Our goal is to identify companies that demonstrate consistent high growth in an industry that has incredible market potential," said Anders Ranum, Partner at Sapphire Ventures. "Between the outstanding leadership of the company and their disruptive technology offering, Auth0 offers that unique combination and then some. We are incredibly excited to take this journey together and help them scale to global market leadership."