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LoginRadius raises $17 mln from ForgePoint, Microsoft's M12

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Business Finance

Press Trust of India  |  Mumbai 

Customer identity and access management (cIAM) firm LoginRadius today said it has raised USD 17 million in Series-A funding round led by ForgePoint Capital and Microsoft's venture fund M12.

All existing major investors, including Real Ventures, BDC Capital and Yaletown Venture Partners, also participated in the funding round, a statement said.

ForgePoint Capital and M12 will join LoginRadius' board of directors, it added.

The funds will be used to accelerate product innovation, customer acquisition, and global expansion.

Rakesh Soni, chief executive officer and co-founder, LoginRadius, said, "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."

Since its launch in 2012, LoginRadius has been focused on customer identity and claims to post triple-digit annual growth for the past two years.

The company has grown to support global offices in Vancouver, London, San Francisco, Sydney and Jaipur, the release said, adding it plans to more than double its workforce in the next 12 months.

LoginRadius' cloud-hosted service provides the platform to securely manage and transact with billions of customer identities while keeping privacy and compliance regulations (such as GDPR) in mind.

The platform is serving over 700 million identities and handling 7.5 billion API calls per month.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, July 25 2018. 17:10 IST
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