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FREMONT, CA: Auth0, a Seattle-area startup, just hit the mark of a billion-dollar valuation as it attained funding of $103 million.
The startup, Auth0, aids the developers in improving the identity authentication capacities of their applications. It combines the existing login and identity verification options into lines of code that the developers can effortlessly add to their applications. Its platform provides services like single sign-on, two-factor verification, password-free login methods, and the capacity to detect a password breach.
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At present, with the addition of dozens of internal and external cloud services to enterprise software toolboxes, attention to security is of paramount importance among enterprises. Ensuring compliance across all such services is complex, and single sign-on products aid in reducing the complexity.
The startup founded in 2013 has raised funds of over $210 million until date, announcing that its valuation has surpassed $1 billion. The customer base for the company comprises of more than 7000 customers such as Atlassian, SP group, fuboTV, and many others, who use Auth0 to secure their mobile, web, and legacy apps.
The Auth0’s funding in the latest round Series E was led by the firm who carried the Series D funding round as well—Sapphire Ventures—with a total amount of $55 million. Other investors Bessemer Venture Partners, K9 Ventures, Trinity Ventures, World Innovation lab, and Meritech Capital also participated.
The company, Auth0, employs around 475 employees across five offices worldwide, with an addition of 316 employees in the past two years. Forbes magazine had previously predicted that Auth0 would reach the Unicorn Status.
Auth0 has set an example of the increasingly common trend that a Seattle startup can raise big swaths of cash from Bay Area investors. The venture capitalists say that Auth0’s ethos is seen in their product itself, which is a highly sophisticated cybersecurity platform, which is scalable, extensible, and moreover universal. The company has been regarded as a platform offering a change of approach to business with an assurance to protecting digital identities.
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