Vancouver based LoginRadius, a startup leader in the Customer Identity and Access Management (cIAM) space has raised $17 Mn in Series A Funding led by ForgePoint Capital and Microsoft’s venture fund, M12 this week. As a result, it plans to more than double its workforce in the next 12 months.
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 also be used to accelerate product innovation, customer acquisition, and global expansion.
Since its launch in 2012, LoginRadius has grown to support global offices in Vancouver, London, San Francisco, Sydney, and Jaipur. The startup claims its enterprise-grade identity platform is being used by over 3,000 businesses, serving over 700 million identities and handling 7.5 billion API calls per month.
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.
CEO and Co-founder Rakesh Soni stated, “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. This funding is a testament of LoginRadius’ ability to deliver on this promise to our customers and sets the foundation for our future growth.”