Duo Security Raises $70 Million, Earning Valuation of More than $1 Billion

PRESS RELEASE

ANN ARBOR, Mich., October 18, 2017 - Duo Security, one of the fastest growing information security and software-as-a-service (SaaS) companies in the world, today announced it has raised $70 million in additional financing led by Meritech Capital Partners and Lead Edge Capital. The Series D round also included new investors, Geodesic Capital and Index Ventures, as well as existing investors Redpoint Ventures and True Ventures. A new strategic partner, Workday, also participated in the round. Duo now ranks among the world’s most valuable private SaaS companies with total funding of $119 million, and a company post-money valuation of $1.17 billion.

Alongside this financial milestone, Duo is also pleased to announce it has exceeded 10,000 customers and protects more than 300 million logins worldwide every month. Additionally, Duo welcomes Lorrie Norrington, Operating Partner for Lead Edge Capital, former eBay President and former Board Member for McAfee, to the Board of Directors and Rob Ward, Co-founder of Meritech, as Board observer.

Duo helps defend organizations against breaches by making security easy and effective. Anchored by its flagship two-factor authentication (2FA) app, Duo’s “Trusted Access” product suite verifies the identity of users and the health of their devices before granting them access to data and applications - helping prevent breaches and account takeover.

"Cybersecurity has become the biggest geopolitical problem of our time. We are at a point where every organization in every industry is challenged with the overwhelming cost and complexity of securing a modern workforce," said Dug Song, Chief Executive Officer, Duo Security. "Duo pioneered cloud-delivered security by making user access easy, effective, and trustworthy. With this investment, we will continue to innovate solutions to the world's most fundamental security problems, expand our global reach, and accelerate our leadership position in the industry."

“In a world with innumerable security products that are difficult to implement, use and maintain, Duo stands alone as a vendor beloved by its customers and end users,” said Rob Ward, Managing Director at Meritech Capital Partners. “As a result, Duo has established itself as the leader in cloud-based trusted access and we are delighted to support their rapid growth.”

Rapidly Expanding User Base and Building World Class Team

Duo’s momentum is underlined by more than doubling its annual recurring revenue (ARR) for the past four years. The company also:

“Duo represents one of the most exciting opportunities in the security market today. Through its product excellence, market leadership and outstanding team, Duo has demonstrated best in class financial and operating performance,” commented Lorrie Norrington, Operating Partner for Lead Edge Capital. “Lead Edge is thrilled to continue to support Duo through the next phase of its growth and I am delighted to join the Board of Directors.

Product Innovation and Strategic Partnerships

Microsoft Integration: Alongside this largest round of funding to date, Microsoft recently announced integration of Duo’s 2FA product into their Azure Active Directory (Azure AD) platform.

Duo Beyond Expansion - A Trusted Access Vision: Duo also continues to drive innovation in security with Duo Beyond, the first major commercial implementation of Google’s BeyondCorp framework that drastically improves and simplifies the security management of how people and their devices access critical corporate applications. Duo gives administrators visibility into all end user devices including personal Macs, PCs and mobile devices - all without agents. Some recent product enhancements include:

For more information, please visit duo.com