Canada-based Customer Identity and Access Management (CIAM) startup LoginRadius has raised $17 million in Series A funding. ForgePoint Capital and Microsoft’s venture fund M12 led the round, along with existing investors including Real Ventures, BDC Capital, and Yaletown Venture Partners. A press release from the company states that the funds raised will be used to accelerate product innovation, customer acquisition, and global expansion.
Launched in 2012 by Rakesh Soni and Deepak Gupta, LoginRadius’s 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.
According to Forrester, 71 percent of enterprise security technology decision-makers rate improving the security of customer-facing apps as a high priority.
“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, CTO and Co-founder. “LoginRadius provides the answer to this critical challenge with its out-of-the-box solution.”
Leveraging over 200 pre-built integrations and CIAM-focused data security, LoginRadius enables businesses with unified customer registration, login, and self-service experience.
“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,” said CEO and Co-founder Rakesh Soni in the press release.
Rakesh is an IITian and has an MSc from the University of Alberta. Deepak Gupta, the CTO, has MSc in IT and Management from the Illinois Institute of Technology.
LoginRadius has offices in Vancouver, London, San Francisco, Sydney, and Jaipur. The company plans to more than double its workforce in the next 12 months. It claims to have grown in triple digits over the past two years. LoginRadius claims that its platform is used by over 3,000 businesses, including Vogue, Canadian Broadcasting Corp (CBC), Viacom, and Avatar. LoginRadius also states that it is serving over 700 million identities and handling 7.5 billion API calls per month.