Vancouver-based LoginRadius, which has developed a cloud-based SaaS platform that helps businesses manage and secure their customers’ digital identities, has raised a $17 million Series A.
The funding was led by Microsoft’s venture fund M12 and ForgePoint Capital; both lead investors will join LoginRadius’ board of directors. Existing investors Real Ventures, BDC Capital, and Yaletown Venture Partners also participated in the round.
Founded in 2012, LoginRadius’ SaaS platform allows users to securely manage and transact with customer identities while considering privacy and compliance regulations. The platform leverages turnkey configuration, access management functionality, and other pre-built integrations to help businesses create secure customer registration, login, and self-service experiences.
“We’re excited to invest in LoginRadius because they are delivering on their promise to simplify customer identity management.”
“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 plans to use the funding to accelerate its product development, customer acquisition, and global expansion. The company says it has offices in London, San Francisco, Sydney, and Jaipur, and it plans to double its workforce over the next year.
“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’ says its platform has served over 700 million identities and is being used by several brands such as the Weather Network, Vogue, CBC, and Kind Snacks.
In February 2014, LoginRadius raised $1.3 million in funding from the Accelerate Fund, Yaletown Venture Partners, Real Ventures, BDC Capital, and several angel investors. In July 2014, the company said it had achieved 800 percent growth.
Photo via LoginRadius.
