Customer identity and access management company LoginRadius has raised $17 million in a Series A financing round.
The round was led by ForgePoint Capital and M12 (formerly Microsoft Ventures) with participation from existing investors including Real Ventures, BDC Capital, and Yaletown Venture Partners, and brings total investment in the company to $19.3 million.
Customer identity is at the intersection of security, digital business, and compliance.
– Deepak Gupta, CTO and co-founder, LoginRadius
The cloud-based LoginRadius platform allows users to manage the identities of billions of customer accounts while also providing a smooth customer experience and complying with data privacy and protection regulation such as the GDPR.
“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, co-founder and CTO of LoginRadius. “LoginRadius provides the answer to this critical challenge with its out-of-the-box solution.”
According to the company’s press release, LoginRadius has experienced triple digit annual growth for the past two years, and now has global offices in Vancouver, London, San Francisco, Sydney and Jaipur. Its platform is used by over 3,000 businesses.
“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.”
Representatives of M12 and ForgePoint Capital will be joining the LoginRadius board as part of the investment. The company says that it will use the Series A funds to accelerate product innovation, customer acquisition, and global expansion, with plans to more than double its workforce over 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 LoginRadius co-founder and CEO 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.”